Plans to relocate London’s historic Billingsgate and Smithfield wholesale markets to the Royal Docks have taken a major step forward after traders backed a preferred new home at Albert Island in Newham. The move paves the way for large-scale redevelopment of the existing central London and Docklands sites.
The City of London Corporation and the Greater London Authority have signed a Memorandum of Understanding to progress the relocation to a site next to London City Airport. The scheme depends on Parliamentary approval to end trading at the current markets in 2028, as well as planning consent from Newham Council.
Discussions will now begin with potential delivery partners to define how the two markets will be delivered at Albert Island, including funding arrangements, viability and construction sequencing. The proposed site already has consent for around 750,000 sq ft of development and a new boatyard.
Relocating the markets will unlock two of the capital’s most high-profile regeneration opportunities. At Smithfield, the grade II-listed meat market halls are earmarked to become an international cultural and commercial destination alongside the London Museum, subject to the passage of the Bill.
Billingsgate’s current site on the edge of Canary Wharf is also set for transformation, with plans for around 4,000 new homes and a new pedestrian and cycle bridge. The redevelopment is expected to create significant residential and commercial capacity in a key riverside location.
In parallel, the City Corporation is working with Barking & Dagenham on future options for the 42-acre Barking Reach site, previously identified for a combined markets project. The riverside plot is being positioned as a prime logistics hub with access to international supply chains via the Thames Estuary Gateway, with further details to follow as talks with developers advance.
The new Billingsgate and Smithfield complex at Albert Island will also include a major food school. The facility is planned to offer accredited training for butchers, fishmongers, fruiterers and apprentices, supporting skills development across the food and hospitality supply chain.
City of London Corporation policy chairman Chris Hayward said the programme represents a long-term investment in the capital. He said redeveloping the current market sites is expected to generate billions of pounds in economic growth, alongside thousands of new jobs and homes.
