The relocation of the historic wholesale markets to a proposed site on Albert Island has been welcomed by Billingsgate and Smithfield market traders, the City of London Corporation and the Greater London Authority (GLA).
While plans to find a new site for the markets within the M25 were first set out in December 2024, a developer for the project has yet to be appointed.
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The move is subject to the successful passage of a Parliamentary Bill to provide for the cessation of the markets at their current sites. Planning permission from Newham Borough Council will also be needed for the markets to operate at Royal Docks.
The Royal Docks is owned by the GLA and has planning consent for approximately 750,000 sq ft of development and a new boatyard for London.
The area is London’s only Enterprise Zone – a designated site that provides tax breaks and other business incentives – and is part of the Royal Docks and Beckton Riverside Opportunity Area, one of the largest regeneration sites in the capital.
Economic growth
According to the Royal Docks Team – a joint initiative between the mayors of London and Newham – the move would bring an estimated £750m in local expenditure, more than 2,200 jobs and £130m gross value added to Newham, and further economic benefits to the wider UK economy over 30 years.
Last year, the City of London Corporation’s elected members voted against a proposal to move Billingsgate and Smithfield markets to Dagenham.
With tighter traffic controls, increasing congestion and site constraints such as Smithfield’s Grade II* listed status, traders are unable to grow in their current locations. The majority of them are therefore backing the move.
Most of the traders from both markets have agreed to move to a new site, with the remaining intending to transfer their business to others, ensuring that 100% of trade will continue.
The markets will continue at Billingsgate and Smithfield until at least 2028, ahead of the transition to the new site, subject to the Parliamentary Bill being passed.
Following the relocation, the markets will be known as New Billingsgate and New Smithfield, respectively.
Chris Hayward, policy chairman of the City of London Corporation, said: “Redeveloping the current market sites will contribute billions of pounds in economic growth, thousands of new jobs and thousands of new homes. There’s a lot more to do – and a developer to be agreed – but this is undeniable progress.
“We are excited for the future, and by ushering in a new era for these historic markets, we’re creating a win-win for traders and Londoners.”
