Company advertises big returns to investors on 2,500 burial plots in Rainham Cemetery
PUBLISHED: 07:00 14 October 2016
An investment firm is hoping to take advantage of the capital's "long-term burial crisis" by encouraging shrewd investors to buy up burial plots.
Birmingham-based Harley Investments is advertising 2,500 plots available at Rainham Cemetery to potential buyers, with the promise of 40per cent returns on their money within just two years.
Interested parties would have to buy a minimum of four plots at £2,400 each at the cemetery to secure a deal.
The 22-acre land is located on the western side of the cemetery site and is said to be “surplus”.
Developers bought the spare land, which already had permission for cemetery use, from the Federation of Synagogues for £8.3million in August.
The plots are within the original 106-acre site of Rainham Cemetery, which opened in 1936.
Harley Investments says it is taking advantage of a long-term crisis in the capital, with spaces running out and prices rising substantially as a result.
An audit of burial space conducted by the Greater London Authority last year found eight boroughs were completely full, with no space for new burials.
Another 10 boroughs were deemed to have a “critical” problem, and were predicted to exhaust all available space by 2021.
Havering did not feature in either list.
Chief executive of Harley Investments Christian Hipkiss defended the idea of investing in burial plots.
“What we are providing is choice, something that is vitally needed in London with the shortage of burial plots,” he said. “What better way is there to pay respects to a loved one than by providing them with something of the highest quality?”