Smithfield and Billingsgate markets could move to a new combined site in the Royal Docks in Newham under plans unveiled by the City of London Corporation.
The City, which manages the historic markets, has identified the potential site of Albert Island alongside the market traders and the owner of the land, the Greater London Authority (GLA).
The corporation’s policy chair, Deputy Chris Hayward, said the plans would contribute billions of pounds in economic growth and create “a win-win for traders and Londoners”.
The Local Democracy Reporting Service (LDRS) revealed in October that the “preferred location” for a combined Smithfield and Billingsgate market was in east London and that a potential new site in the Royal Albert Dock area had been visited.
The LDRS was also told by a source that while the City of London Corporation is providing support, the funding for a relocation will either come from the traders or a private developer.
Previous plans to move the markets to a new state-of-the-art facility in Dagenham were abandoned last year over ballooning costs.
The corporation also agreed last November to withdraw from running Smithfield and Billingsgate for which final approval will be required from parliament.
Subject to a Private Bill on the issue being passed traders are expected to continue at the markets until at least 2028.
Once traders have vacated the current Smithfield market site is to be used to house cultural and commercial offerings including the new London Museum.
Billingsgate - which is in Poplar by Canary Wharf, having moved out of the City in the early 1980s - meanwhile, is earmarked to deliver thousands of homes.
The Royal Docks Team, a joint initiative between the Mayor of London, Sir Sadiq Khan, and the Mayor of Newham, Rokhsana Fiaz, has been working with the Corporation to explore the possibility of moving the markets to Albert Island.
The corporation says the relocation is estimated to deliver around £750 million in local expenditure, more than 2,200 jobs. The move would be reliant on planning permission from Newham Council.
Conversations are now expected to start with potential delivery partners on moving the markets to Albert Island, including funding and viability considerations.
Deputy 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.”
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 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, 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."
