Allsop acquires Surrey HQ on behalf of Citi Private Bank

By Tom Kilkelly

18 August 2023

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Kia_Optima_NAIAS_2011.jpg: sarahlarsonderivative work: ZZZico, CC BY 2.0 , via Wikimedia Commons

Property consultancy Allsop has completed on the purchase of Kia UK’s headquarters in Walton-on-Thames in Surrey on behalf of Citi Private Bank.

Citi Private Bank is a subsidiary of banking conglomerate Citigroup. Allsop acquired the property from Knight Frank who were working on behalf of global investment company abrdn.

The property on Halfway Green is 30,933 sq ft of office space across three floors . The property is let to Kia for 11 years and is a five-minute walk from Walton-on-Thames railway station.

Kia is currently refurbishing the ground floor of the property to hold a car showroom, events space and a new entrance.

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Kia is a car brand with a market share of 6.2 per cent of the passenger car market in the UK. As a brand, Kia has expansion plans with an aim to achieve growth to sell 4.32 million vehicles annually, 55 per cent of which will be electrified vehicles, by 2030.

Dale Johnstone, Partner at Allsop, said: “The transaction of Kia’s UK headquarters is a great example of how longer income offices with strong fundamentals continue to attract interest, particularly from overseas investors.

''The UK is still perceived as a very safe and transparent place to invest money without many of the hurdles and barriers to entry that face other global CRE markets.”

By Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022.

During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan).

His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.