Smithfield and Billingsgate Market Traders, the City of London Corporation and the Greater London Authority (GLA) have identified a preferred new site in the Royal Docks in Newham, where both markets can locate together.
The relocation of the wholesale markets to the proposed new site of Albert Island reportedly fulfils the shared ambition of the City of London Corporation and Traders for a new site to be found within the M25, first set out in December 2024.
The move is subject to the successful passage of the Parliamentary Bill to provide for the cessation of the markets at their current sites. The City of London Corporation highlighted that planning permission from Newham Borough Council will also be needed to enable the markets to operate on site.
According to the City of London Corporation, the Royal Docks is owned by the GLA and has planning consent for around 750,000sqft 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. The team estimated that the move will bring around £750 million in local expenditure, more than 2,200 jobs and £130 million 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 these markets will “not only protect food security for London and Southeast, but also thousands of jobs in ports across the UK, as well as the future of existing jobs”. It also said 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. The Corporation stated that local communities across the London Borough of Newham and the Southeast “will benefit from the inclusion of a food skills, education and training programme to train tomorrow’s market Traders” and provide them with the skills required to develop future butchers, fishmongers and fruiterers.
The markets will continue at Smithfield and Billingsgate until at least 2028, giving time for Traders to plan and smoothly transition to new sites, subject to the Bill being passed. They will be known as New Billingsgate and New Smithfield respectively once they relocate.
“By ushering in a new era for these historic markets, we’re creating a win-win for Traders and Londoners.”
Chris Hayward, the City of London Corporation
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.”
Deputy Mayor for Business and Growth Howard Dawber OBE said: “Billingsgate and Smithfield are two of London’s most historic and well-known markets, employing hundreds of Traders. I am delighted that significant progress is being made towards relocating these businesses to the Royal Docks.
“The Royal Docks is one of the most exciting regeneration projects in London, delivering thousands of new homes and jobs – and it is wonderful to have Billingsgate and Smithfield on board as a key part of our plans for the future.”
“Identifying a preferred new site marks a significant step forward.”
Greg Lawrence, Smithfield Market Traders’ Association
Mayor of Newham Rokhsana Fiaz OBE said: “Billingsgate and Smithfield are two of the great historic markets that have been feeding Londoners for hundreds of years, and internationally renowned. For Newham to potentially be the new home for the markets over at our majestic Royal Docks would be a great honour and testament to the vision we have for our borough as a place to do business and drive inclusive growth.
“Working with the City of London Corporation and the GLA, the two markets would showcase the Royal Docks as one of the most exciting destinations in London as we play our part in driving London’s growth; and continue our Opportunity Newham for our local residents through creating new jobs.”
Greg Lawrence, chairman of Smithfield Markets Traders’ Association, said: “Identifying a preferred new site marks a significant step forward – and we’re well ahead of where we thought we’d be by Christmas. This location offers Traders the space and opportunity to grow our businesses while continuing to serve customers across London and the Southeast.
“Along with my fellow Traders, we will continue to work closely alongside the City of London Corporation, which has led efforts to identify a new site. We’re now all keen to get cracking with the next steps.”
