London’s Smithfield and Billingsgate markets find new home in Docklands | Food & drink industry

A former industrial site in London’s Docklands has been chosen as the new home of the capital’s ancient Smithfield meat market and Billingsgate fish market, according to plans unveiled by its owner.

The proposal from the City of London Corporation, the governing body that runs London’s Square Mile and also the markets, would see both relocated to Albert Island.

The 10-hectare (25-acre) site, close to London City airport, is owned by the Greater London Authority (GLA) and has been earmarked for regeneration. The company estimates the move will create £750 million in local spending and bring 2,200 jobs to the London borough of Newham, one of the poorest areas of the capital.

The announcement comes just over a year after the company voted to permanently close Smithfield and Billingsgate before pulling the plug on a planned £740 million move to Dagenham, blaming rising costs.

The company, which is extremely wealthy compared to typical UK local authorities, has faced backlash over the decision amid objections to plans to permanently close ancient food markets and build on them.

While the company owns and operates Smithfield in central London and Billingsgate near Canary Wharf in east London, their long history means they were established by acts of parliament fixing them on existing sites. These can only be closed by parliament passing a special bill repealing the legislation and allowing the land to be used for other purposes.

A group of east London fishermen at the Ridley Road market in Hackney, east London, had objected to the closure of Billingsgate, saying it would bankrupt them. The intervention threatened to block the passage of the company’s special bill in parliament.

In June the company said it had set up a regeneration team to help find a new location for its meat and fish markets as part of plans to transform Smithfield into a cultural destination and the Billingsgate area into new homes.

There has been a food market around Smithfield, near Farringdon railway station, for more than 800 years. Two buildings on the site are being redeveloped and The Museum of London is planned to open here In late 2026.

Merchants were told they could continue in their current locations until at least 2028, and the company said most had previously agreed to move to a new facility.

“There is more to be done – and a developer to agree – but this is undeniable progress,” said Chris Hayward, the company’s head of policy, adding that the proposal would usher in “a new era for these historic markets”.

Smithfield market traders association president Greg Lawrence said the announcement was a “significant step forward”.

He added: “This location offers traders the space and opportunity to grow our business as we continue to serve customers across London and the South East.”

The company said it had signed an agreement with the GLA to work on the Albert Island proposals, but market operations at the site would need planning permission from Newham council.

The new markets, to be known as New Smithfield and New Billingsgate, will continue to run apprenticeship programs and a new food school will also be built on site, the company said.