Billingsgate and Smithfield Market Traders, the 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 historic wholesale markets to the proposed new site of Albert Island fulfils the shared ambition of the 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. Planning permission from Newham Borough Council will also be needed to enable the markets to operate on site.
The Royal Docks is owned by the GLA and has planning consent for c750,000sqft 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. It is estimated that the move will bring circa. £750m in local expenditure, over 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.
Since the Corporation’s elected members voted last year to end the planned move of Billingsgate and Smithfield markets to a new location in Dagenham, the City Corporation has been supporting Traders by facilitating discussions with developers and landowners. Increasing traffic restrictions, congestion and other practical considerations, such as constrained sites – and in the case of Smithfield, a Grade II* listed site – mean Traders are unable to grow their businesses by staying in their present locations and so are keen to move.
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.
Securing the future of these centuries old 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 the future of existing jobs, by creating new opportunities in the British fishing industry and beyond. Additionally, 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 across the London Borough of Newham and the South-East will 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.
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.
The markets will be known as New Billingsgate and New Smithfield respectively once they relocate.
Policy Chairman of the 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.
“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 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.”
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 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 South East.
“Along with my fellow Traders, we will continue to work closely alongside the Corporation, which has led efforts to identify a new site. We’re now all keen to get cracking with the next steps.”
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 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.”
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