Plans have been unveiled that could see two of London's most historic wholesale markets, Smithfield and Billingsgate, relocated to a new combined home in the Royal Docks. The City of London Corporation, which manages the markets, has identified a potential site at Albert Island in Newham, working alongside traders and the Greater London Authority (GLA).
A New Chapter for Historic Trade
The proposed move marks a significant step in a long-running process. The City of London Corporation agreed last November to withdraw from running the centuries-old markets, a decision that requires final approval from Parliament. Work to find a suitable new location has been ongoing since that decision.
This follows the collapse of previous plans to move the markets to a state-of-the-art facility in Dagenham, which were abandoned last year due to spiralling costs. The Local Democracy Reporting Service (LDRS) revealed in October that a site in East London was the preferred option, with a specific location in the Royal Albert Dock area already visited by officials.
Economic Boost and Future Plans
The Corporation estimates the relocation could deliver a substantial economic windfall, with around £750 million in local expenditure and the creation of more than 2,200 jobs. Policy Chair, Deputy Chris Hayward, described the plans as a "win-win for traders and Londoners," laying the foundations for future economic growth.
However, the move is contingent on securing planning permission from Newham Council. Funding for the relocation is also a key consideration; while the Corporation is providing support, a source indicated the money will likely come from the traders themselves or a private developer, not public coffers.
If approved, traders are expected to continue operating from their current sites until at least 2028. Once they vacate, the future of the iconic locations is already mapped out:
- The Smithfield market site in the City is slated to be transformed into a new cultural and commercial quarter, including the new London Museum.
- The Billingsgate site in Poplar, which moved out of the City in the 1980s, is earmarked for a major housing development, delivering thousands of new homes.
Trader Reaction and Next Steps
Market traders have responded positively to the progress. Greg Lawrence, Chairman of the Smithfield Markets Traders’ Association, said identifying the preferred site was a "significant step forward" that offers space for businesses to grow. Tony Lyons, Chairman of the London Fish Markets’ Association, emphasised the benefit of moving only a few miles, ensuring they can continue serving customers while improving their working environment.
Conversations are now set to begin with potential delivery partners to assess the funding and viability of moving the markets to Albert Island. The Royal Docks Team, a joint initiative of the Mayor of London, Sadiq Khan, and the Mayor of Newham, Rokhsana Fiaz, has been collaborating with the Corporation on the feasibility study.
Deputy Hayward concluded, "We are investing in London’s future... Redeveloping the current market sites will contribute billions of pounds in economic growth, thousands of new jobs and thousands of new homes."
