Allied Dunbar Insurance has paid Grand Metropolitan Pension Trust £3.6m for a freehold retail warehouse at Honeypot Lane in Stanmore, Middlesex.
The 41,640-sq ft unit is let to B&Q on a 25-year lease with five-yearly reviews. A reversion is expected in 1994, but the passing rent of £330,000 pa reflects a net initial yield of nearly 9%. Knight Frank & Rutley advised Grand Metropolitan Pension Trust, while Wilkinson Williams acted for Allied Dunbar.
