A site in London’s Royal Docks has been identified as the preferred location for Smithfield and Billingsgate markets by the City of London Corporation.
Billingsgate and Smithfield Market Traders, the City of London Corporation and the Greater London Authority (GLA) have said that early proposals for the relocation site for the markets envisage that both Smithfield and Billingsgate will move together to the Royal Docks in Newham. The new site, at Albert Island, fulfils the ambition first set out in December 2024 for a location to be found within the M25.
The move is subject to the successful passage of the Parliamentary Bill to provide for the cessation of the markets at their current sites. Planning permission from Newham Borough Council will also be needed to enable the markets to operate on site.
The markets will continue at Smithfield and Billingsgate until at least 2028, giving time for Traders to transition to new sites, subject to the Bill being passed.
The markets will be known as New Billingsgate and New Smithfield respectively once they relocate.
Development of the new site
The Royal Docks is owned by the GLA and has planning consent for c750,000sq ft of development and a new boatyard for London. The Royal Docks is London’s only Enterprise Zone and is part of the Royal Docks & Beckton Riverside Opportunity Area.
The Royal Docks Team (a joint initiative between the Mayor of London and the Mayor of Newham) has been working with the City Corporation to explore the potential to relocate the markets to Albert Island. According to the City of London Corporation, it is estimated that the move will bring in the region of £750m in local expenditure, more than 2,200 jobs and £130m GVA to Newham and more than double those numbers in economic benefits to the wider UK economy over a 30-year period.
Most of the Traders from both markets have agreed to move together to a new site with the remaining intending to transfer their business to others, ensuring that 100% of trade will continue.
The City of London Corporation said that “securing the future of the markets will not only protect food security for London and the Southeast, but also thousands of jobs in ports across the UK”, as well as creating new opportunities in the British fishing industry and beyond.
“Finding a site just a few miles away means we’ll still serve our customers while vastly improving both our working environment and ability to expand.”
Tony Lyons, chairman of London Fish Markets’ Association, said: “Finding a site just a few miles away means we’ll still serve our customers while vastly improving both our working environment and ability to expand.
“Although there’s more work ahead of us to design a new, modern market, we’ll be staying open for business where we are for several more years.
“Identifying a new location means we can hopefully put people’s minds at rest that we – and the City of London Corporation – are doing exactly what we said we’d do; find a new home inside the M25 and create a vibrant future for these historic markets.”
Policy chairman of the City of London Corporation Chris Hayward commented: “We are investing in London’s future. By following through on our commitment to support Traders to relocate, and to ensure our plans for new housing and culture at the vacated sites come to fruition, we are laying the foundations of future economic growth across the Square Mile, London and the UK.
“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. I look forward to sharing more progress as these plans take shape.”
Commitment to training and education
Both markets will continue to operate their respective apprenticeship programmes, the Smithfield Apprenticeship Scheme and the Billingsgate Seafood Training School, providing jobs targeted at young people.
A further commitment as part of the move will see the delivery of a new onsite food school. Local communities will also benefit from the inclusion of a food skills, education and training programme to train tomorrow’s market Traders and providing them with the skills required to develop future butchers, fishmongers and fruiterers.
