A LOAN of £6 million by Woking Borough Council to the Peacocks Shopping Centre's former owners has been repaid. 

Concerns about the fate of the loan were raised when Moyallen Woking Limited and Peacocks Centre were placed in administration last year, with global financial company Grant Thornton appointed administrator.

However, it was announced last month that the shopping centre had been bought out of administration by the Arora Group, a Hounslow-based private company with interests in property, construction and hotels.

 Cllr Ann-Marie Barker, the leader of the ruling Liberal Democrats on the council, said:  “I can confirm that the loan has been repaid as part of the sale process.” 

Grant Thornton appointed upmarket estate agents Savills to market the Peacocks, which comprises 542,528 sq ft with 80 units, including the 137,000 sq ft former Debenhams store.

Savills invited offers in excess of £25 million, although the selling price has not been revealed. Moyallen acquired the centre from British Land for £116million in 2008.

The council is the freeholder of the Peacocks Centre site, set on almost nine acres.

Cllr Barker added: “We look forward to a dynamic and productive partnership with Arora over many years to come. 

“Peacocks having a new owner is a positive for the town.”