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The future of London’s Billingsgate Fish Market and Smithfield Meat Market – each the largest markets of their kind in the UK – has been in the lurch for a while. Billingsgate has been trading in Poplar since 1982, while Smithfield started selling meat in Farringdon way back in the 1860s. But in 2022, the City of London announced plans to move both markets out of their long-term central London locations, and it has been searching for a new home for their traders ever since.
It was originally planned that the markets would move to a new location in Dagenham, but members of City of London Corporation voted to axe that plan due to spiralling costs. Now, a new preferred location has been identified.
The City of London Corporation and the Greater London Authority (GLA) have found a site on the Royal Docks where both markets can operate next to each other. They’ve earmarked the eastern end of the Docks, known as Albert Island, as the markets’ potential new home after they leave their current sites in 2028.
Nothing’s confirmed yet. The move is still subject to the passage of a Parliamentary Bill that will provide for the cessation of the markets at their current locations, and will be dependent on planning permission from Newham Council.
The City of London Corporation says that most traders from both markets have agreed to move to a new site. Those that haven’t agreed intend to transfer their business to others, meaning that 100 percent of trade will continue wherever Smithfield and Billingsgate end up next. They’ll be known as New Billingsgate and New Smithfield respectively once they relocate.
The proposed site would keep the markets within the M25 but outside of the London Congestion Zone. When the charges were first introduced, Smithfield Market began to close earlier at 6.30am as traders tried to get out of the city before daily fees started, so this move could enable them to extend their trading hours.
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.’
Policy chairman of the City of London Corporation, Chris Hayward, said: ‘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.’
When the markets are gone, the Smithfield site will be redeveloped into the new London Museum, while Billingsgate will be turned into housing.
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