The City of London’s current plan to move Smithfield and Billingsgate markets to a new purpose-built site in Dagenham has been halted.
The City of London Corporation, which owns and manages both markets and was behind the move, has not cancelled the move all together, but has stopped its initial plan on getting it done.
A spokesperson said the scheme is being reviewed “in order to determine its next steps and to ensure the financial sustainability of the project.”
The relocation of the historic Smithfield and Billingsgate markets and their traders to Dagenham was announced in 2022 by the City as a ‘major regeneration programme’.
The move would enable Smithfield to house new cultural and commercial offerings including the London Museum, while the land occupied by Billingsgate in Poplar was expected to be used to provide new homes.
A press release issued by the City of London Corporation following the scheme’s approval estimated the new market would bring 2,700 new jobs to Barking and Dagenham and generate around £14.5 billion for the UK economy by 2049. The Corporation would invest almost £1bn in the move.
Chair of Policy and Resources Deputy Chris Hayward said at the time: “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 Corporation paid around £100 million for the Dagenham Dock area in late 2018. The site, which will be the largest wholesale market in Britain, is due to open in 2027.
In a paper prepared for a Finance Committee meeting next week (November 12), Corporation officers however have written that the Court of Common Council, in effect the City’s Full Council, has confirmed the ‘cessation’ of the ‘10b’ option at Dagenham Dock and that other options are to be explored.
The officers continued: “The forecast reflects this, with total spend to date of £308m largely for site purchase and remediation work, and the remaining residual forecast covering up to December 2024 (£310m total), and hence showing a large underspend against the original agreed funding envelope. Once a new way forward is agreed, the forecast will be updated accordingly to reflect this.”
The only other information provided in the paper is that a report is expected back to the Court of Common Council this month, which will provide further insight into the programme’s financial forecasts.
The Local Democracy Reporting Service (LDRS) understands the ‘cessation’ of the move to Dagenham Dock will not impact the new London Museum.
The City has said the scheme is being reviewed to ensure it is financially sustainable. One person the LDRS spoke to however said the relocation has become unviable due to ongoing delays on the City’s behalf. Another said: “Everything the Corporation does you may as well drop the initial budget and times it by five.”
A City of London Corporation spokesperson said: “The proposed relocation of Smithfield Meat Market and Billingsgate Fish Market to Dagenham Dock has recently been reviewed in order to determine its next steps and to ensure the financial sustainability of the project.
“The options arising out of that review, including any relevant financial considerations are currently progressing through our governance framework. We will provide an update on the next steps when a decision is made.”
In addition to Smithfield and Billingsgate the City of London also owns New Spitalfields Market in Waltham Forest. The ambition was to relocate New Spitalfields to Dagenham at a later date.
The City of London’s plans faced trouble early on when Havering Council objected to the move based on a centuries-old law preventing markets being set up within a day’s sheep drive of its own Romford Market.
