Smithfield and Billingsgate markets could move to a site across the river from west Thamesmead under plans being considered by the City of London.
The site at Albert Island, just north of North Woolwich and between Royal Albert Dock and the Thames, would be a “win-win for traders and Londoners”, according to Chris Hayward, the policy chair of the City of London Corporation.
Last year the City agreed to withdraw from running the historic markets, although this will need to be approved by parliament. Smithfield meat market is still based in the Square Mile while Billingsgate’s fish traders have been in Poplar since 1982. Plans to move to Dagenham were originally mooted but were scrapped over soaring costs.
A source has told the Local Democracy Reporting Service that while the City is providing support for the move, the funding for a relocation would either come from traders or a private developer.
Smithfield – where the new London Museum is due to open late next year – is expected to become a cultural hub, while the current Billingsgate site, in the shadow of Canary Wharf, is earmarked for housing. Traders are expected to stay in the existing markets until at least 2028
The Royal Docks Team, a joint initiative between the London mayor Sir Sadiq Khan, and Newham’s elected mayor, Rokhsana Fiaz, has been working with the City to explore the possibility of moving the markets to Albert Island.
The corporation says the relocation could create more than 2,200 jobs and add £750 million to the local economy. Conversations are now expected to start with potential delivery partners on moving the markets to Albert Island, including how this will be funded
Hayward said: “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.”
Greg Lawrence, the 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 South East.
“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.”
Tony Lyons, the chairman of the 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.”
Ben Lynch is a Local Democracy Reporter covering the City of London Corporation. The Greenwich Wire is a partner in the Local Democracy Reporting Service, which is a BBC-funded initiative to ensure councils are covered properly in local media. Additional editing by Darryl Chamberlain.
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