This is a scheme therefore that, apart from cosmetic remodelling, is more or less the same as when it first opened nearly 15 years ago. In this, it is unusual and the obvious question has to be why the current owners, British Land, have not seen fit either to expand or reshape it.

An answer, is to be found by taking a walk around the mall's perimeter. On one side, a big road whisks shoppers in and out of town. On the other is the built-up centre of Woking, affording little room for expansion.

There is another mall in town, Wolsey Place (Welstead managed it earlier in his career), which, at 230,000 sq ft, brings Woking's shopping centre square footage to nearly 600,000 - this in a town with an immediate catchment of 89,000. There are also a number of standalone shops such as Bhs and Toys "R" Us, the latter has a link into the Peacocks, adding up to a town where space is at a premium.

Now consider the density of population in this part of Surrey. Camberley, Kingston, Guildford, Farnborough and Farnham are all less than 30 minutes drive away and all of them have thriving shopping high streets and malls.

On which reckoning it would seem that the challenge facing Welstead is as much about preventing leakage to nearby developments as it is about attracting shoppers from beyond the immediate parish.

It appears to be a task to which the Peacocks is able to rise. Welstead says that the centre's 84 tenants benefit from around 10 million shoppers a year (an average of 190,000 per week). Loyalty levels look high. The average shopper visits 55 times a year and is likely to be a C1.

The Peacocks is set to accommodate them. Welstead says that is it has become, a fashion-led scheme over the last 18 months. Recent arrivals have included Republic, a 14,000 sq ft single-floor New Look and a branch of HMV, which, while it may not be fashion, sits comfortably with the tenant mix.

Long-stay stalwarts include anchor tenant Debenhams sitting on a 137,000 sq ft former Allders site, a 24,000 sq ft TK Maxx and representations from Woolworths, Primark and Marks & Spencer.

So is it perhaps the case that this is a centre that is well run, makes money and to which nothing needs to be added? To an extent the answer is yes, but given the level of local competition, this is not a location where the centre management can afford to sit tight.

Welstead makes a daily walk around the entire centre, which is arranged over four levels, so that tenants "know who I am."

There are plans in place to give the Peacocks a modest makeover. Owing to the constraints of location, this will not mean expansion, but will involve new signage, a lick of paint and a long, hard look being taken at the the remaining Art Deco elements in the centre.

There is no clarity about when this will happen, but just walking around the scheme, it still appears better than many schemes half its age. This is a shopping centre that has clearly been looked after throughout its life.

Worth mentioning the centre's leisure elements which are unusual. Foremost among these is the New Victoria Theatre - the South-East's largest - and a six-screen multiplex.

So is there much more to be done with the Peacocks? British Land bought the centre in 2001 from LET and Woking Borough Council, which owned it jointly. The fact that it has not felt the need to lash out on major refurbishments speaks volumes. This is a centre with little room for manoeuvre, but which continues to be a solid performer for its owners.

Fact file

The Peacocks, Woking

Owner: British Land

GLA: 325,000 sq ft

Annual footfall: 10 million

Letting agent: CBRE

Managing agent: Churston Heard

Catchment: Resident population of 505,000 within a 30-minute drive

Number of tenants: 84

Anchor Stores: Debenhams. TK Maxx, Woolworths, Marks & Spencer, Primark, New Look

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