Historic London markets set to move in £1billion project

Nearly £1billion is going to be spent moving two of London's historic markets to Dagenham.

Plans have been approved to move Billingsgate and Smithfield markets to a new purpose-built site, which is about 42 acres. A Private Bill will now be sent to Parliament to confirm the decision.

It's estimated this move will create 2700 new jobs and support 7850 across the UK. The current markets support 1,140 jobs.

The London Museum plans to move into the old Smithfield site from the Docklands, with the new brownfield site becoming the new home for fish, meat and cheese markets

Chris Hayward, chairman of the City Corporation’s Policy and Resources Committee, said:

“This is a major milestone in an ambitious programme with economic growth at its heart – something our country so clearly needs.

“Our investment in delivering modern, environmentally-sustainable wholesale markets in Barking and Dagenham will boost the economy across East London, supporting jobs, skills and training.

“The existing Smithfield Market site is at the heart of our vision for ‘Destination City’, where the new London Museum will showcase the capital’s rich culture and history to millions of visitors.

“Relocating our markets will help ease traffic and improve air quality in inner London while unlocking land at Billingsgate for new housing.”

The City of London also plans to move the New Spitalfields Market to the Dagenham Dock at a later date. The new market is expected to open between 2027 and 2028.

Barking and Dagenham Council leader Darren Rodwell said:  

“I’m delighted we’ve reached this next milestone for the relocation of the world-famous wholesale markets to the borough.

“London is moving east, delivering huge opportunities, like this, for new jobs and hundreds of millions of pounds of investment into the local economy.

“I’m excited by plans we are working on with stakeholders for a new Good Food Economy Partnership to unlock the full opportunities from the food sector for local residents and businesses.

“This includes a pipeline for local talent with tailored training opportunities, apprenticeships and new business start-up opportunities alongside an improved and healthy food offer.”

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