Woking mall on the block for £25m

Savills has been appointed on a second asset owned by Moyallen Holdings Group following its collapse into administration in April this year. The firm has been appointed to sell the 526,547 sq ft Peacocks Centre in Woking, Surrey, and is seeking offers in excess of £25m. Last week it was appointed alongside CBRE to sell the Rushmere shopping centre and retail park in Craigavon, Northern Ireland for £57m. Peacocks and Rushmere were placed into the hands of administrators at Grant Thornton in April this year, following the collapse of companies related to Moyallen Holdings Group. Grant Thornton was appointed administrator of Central Craigavon Ltd, its sister company Moyallen Properties Ltd, which alongside  Rushmere and Peacocks, owns Magowan West shopping centre in Portadown. The Peacocks Centre is anchored by H&M, Primark, TK Maxx and Next and houses a food hall on the lower concourse providing the primary F&B provision for the mall with current tenants including McDonald’s, KFC, Chopstix and Subway. The scheme also includes a 137,000 sq ft former Debenhams store, which offers potential to bring in new big retailers or to introduce complementary uses to bolster the asset as a mixed-use destination, said Savills. The centre is adjacent to the recently completed Victoria Place development, which comprises 400 flats, a 189-bedroom Hilton hotel and a 50,000 sq ft Marks & Spencer. Mark Garmon-Jones, head of shopping centre investment and repurposing at Savills, said: “The Peacocks Centre provides an opportunity to acquire a quality scheme, recently refurbished, in an affluent South East town with significant asset management potential to increase the income to circa £4.5m.” David Warnock, joint administrator at Grant Thornton, added: “The Peacocks Centre is a modern, well-located scheme, which has benefited from a multi-million-pound refurbishment of Jubilee Town Square and the Victoria Square development. The centre is the second of three schemes that are being sold under separate administrations, with Rushmere shopping centre and retail park, Craigavon, currently on the market and Magowan West, Portadown, due to be released for sale in early September.” To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews View the latest statistics on the Woking retail market >> Image from Savills