London's historic Smithfield and Billingsgate markets are set to relocate to a new combined facility on Albert Island in Newham's Royal Docks, with full operations expected by 2029. Traders are anticipated to vacate their current sites within three years under the City of London Corporation's plan.
Relocation Plans and Parliamentary Process
The City of London Corporation, which owns both markets, stated the scheme will inject billions into the economy and create a win-win for traders and Londoners. This follows a failed 2024 plan to move to Dagenham, abandoned due to escalating costs. The Corporation agreed a compensation package for traders and will cease market management post-relocation.
The move depends on Royal Assent for a Private Bill submitted to Parliament in late 2024, currently progressing through the House of Commons. Three petitions were filed opposing the Bill; two were refused, while a third from food poverty charity Bags of Taste on behalf of Ridley Road Market fishmongers remains, raising concerns about impact on customers.
Arguments for the Move
At an Opposed Bill Committee, Richard Turney KC, the Corporation's legal counsel, told MPs: 'There is almost universal acceptance that the sites are no longer fit for purpose.' He noted Billingsgate in Poplar was always a compromise, and Smithfield in central London requires heavy goods vehicles in an increasingly congested area. The Dagenham option failed as 'neither affordable nor the right solution.'
Chris Bonner, Director of Regeneration and Development at the Corporation, said traders are significantly constrained, particularly at Smithfield. Redeveloping existing sites was financially unviable, as was the Dagenham scheme, whose costs reached around £1 billion. The Corporation hopes for Royal Assent by mid-2027, with the new market fully fitted out by 2029, allowing two years for construction and relocation.
Trader Perspectives
Greg Lawrence, Chairman of Smithfield Market Tenants' Association and a Corporation member with 60 years at the market, said: 'As it stands today it would be impossible for us to stay... There's no room for anyone to expand or grow... road closures all round the market [mean] suppliers would be reluctant to deliver.'
Zahaab Amjad, son of PM Prime Fish owner, voiced petitioners' concerns: a potential gap in produce sourcing if Billingsgate closes before the new market opens, and fears it may never be built. 'These businesses rely on Billingsgate... Without it they would have to close,' he said. 'The fishmongers are not afraid of change. They are afraid of a real, unaccounted-for risk in this transition.'
Future of Existing Sites
Both current sites are earmarked for major redevelopments. Smithfield in the Square Mile will host the new London Museum, opening in November 2025, alongside cultural and commercial offerings. Billingsgate near Canary Wharf is expected to deliver thousands of homes, with Tower Hamlets Council designating it for tall buildings.
The Bill now proceeds to the report stage, the last chance for MPs to propose amendments, with a date yet to be announced.
