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A new City of London Corporation proposal would move the historic Billingsgate and Smithfield markets to the Royal Docks, ending a year of uncertainty about their future.
The new market complex is proposed to be on Albert Island, an old industrial site on the Royal Docks in Newham. The Albert Island site is 25 acres, which would support both Billingsgate fish market, at Canary Wharf and Smithfield meat market, which currently is in the City of London. The project is estimated to generate some £750m in local spending and 2,200 jobs.
Billingsgate, which has operated at its current location near Canary Wharf in East London since 1982is the UK’s largest inland fish market and sells an average of 25,000 tonnes of fish and fish products per year. At its current 13-acre market complex, there are 98 stands and 30 shops in its trading hall.
Tony Lyons, Chairman of London Fish Markets’ Association, said: “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.”
The City of London Corporation said that it signed an agreement to work on the proposal with the Greater London Authority, which owns the site, but would need permission from Newham Council to sanction market operations.
Progress in the markets’ relocation also depends on the passage of the City of London Markets Bill in Parliament. This would permit the permanent closure of the markets where they currently stand.
The Bill was proposed last year, when the City of London Corporation scrapped earlier plans to relocate the markets to a new site at Dagenham Dock in east London. The corporation agreed to provide financial support to market traders to relocate to another site but allow them to continue operations where they are until 2028.
Earlier this year, a petition with over 37,000 signatures opposing the closure of Billingsgate and Smithfield Market was rejected by City of London Corporation after its initial plans of relocation fell through.
The markets at the new site will be renamed New Billingsgate and New Smithfield.
Chris Hayward, Policy Chairman of the City of London Corporation, said: “We are investing in London’s future. By following through on our commitment to support traders to relocate…we are laying the foundations of future economic growth across the Square Mile, London and the UK.”
Traders assured the corporation that 100 per cent of trade would continue after they move onto the new site, in addition to both markets’ respective apprenticeship programmes. The corporation said they will also deliver an on-site food school.
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