With the introduction of the Elizabeth Line, this hyper-connected location has all the ingredients needed to become the new epicentre of the Capital.
Approved today (Thursday 26 June) by the Court of Common Council, a new regeneration team will have wide-ranging responsibilities for around 70 acres of prime land within Greater London, including strategic master-planning of the Smithfield/Barbican area. It will work with partners and the development community to help shape the future of this important location.
This hugely important project will involve curating a significant part of the for the next 30 years.
Other responsibilities will include redevelopment of:
· The Grade II* Smithfield East & West Market Buildings and Grade II Rotunda are epic Victorian megastructures which have the potential to provide something very special in the heart of the Square Mile.
· The Annexe suite of buildings in Zone 1 to deliver an exciting new visitor destination to complement the (new) London Museum.
· The 42-acre Dagenham Dock site in London Borough of Barking & Dagenham, which will provide high-quality jobs for local people
· London Wall West for cultural space and prime office space, which the Square Mile runs out of towards the end of the decade.
· The 14-acre Billingsgate site in the London Borough of Tower Hamlets could deliver 4,000 much-needed new homes in London, and a new bridge across Aspen Way to help address the social, economic, and environmental disparities between Poplar and Canary Wharf.
Developing Smithfield into a cultural and commercial hub is part of the City Corporation’s growth plan for the Square Mile, known as Destination City.
The new regeneration team, comprising 11 staff in total, will also continue assisting Traders vacating sites at Billingsgate and Smithfield to find a new location within the M25. Redeveloping the existing sites is expected to add £9.1 billion GVA to the UK economy in the coming years; thousands of jobs, and thousands of new homes.
In November last year, the Court of Common Council – the City Corporation’s highest decision-making body – voted to end the planned move of Billingsgate and Smithfield markets to a new location in Dagenham.
The decision was made with full support from Traders, who are receiving financial support to enable them to move to new locations of their choosing. Since last year the City Corporation has been supporting Traders by facilitating discussions with developers and landowners.
Increasing traffic restrictions, congestion and other practical considerations, such as constrained sites – and in the case of Smithfield, a Grade II* listed site – mean Traders are unable to grow their businesses by staying in their present locations.
At Smithfield Market, 70% of Traders have agreed to move together to a new site within the M25 to create a ‘New Smithfield’, with the remaining 30% intending to transfer their business to others, ensuring that 100% of trade will continue seamlessly. And 90% of Billingsgate Traders are planning to relocate together to a single site, with the rest considering their options.
A Parliamentary Bill providing for the cessation of the markets at their current sites was deposited on 27th November 2024 and is currently being considered by the House of Commons. The markets will continue at Smithfield and Billingsgate until at least 2028, giving ample time for traders to plan and smoothly transition to new sites (subject to the passage of the Bill).
By the end of the year, the City Corporation intends to publish new imagery showcasing early concepts of how the Smithfield market site could be transformed. Subject to the successful passage of the Bill, the redevelopment of the Smithfield site will create an international cultural and commercial hub, complementing the London Museum. The Grade II* listed building will be reimagined to preserve its history while evolving into modern, state-of-the-art facilities. It is projected to welcome 1.4 million visitors annually, and create 600 direct jobs.
Policy Chairman of the Corporation, Chris Hayward, said:
“This is about investing in London’s future. By following through on our support for Traders to help them relocate, and 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.
“A bright future lies ahead for these markets, and their redevelopment will contribute billions of pounds in economic growth, thousands of new jobs and thousands of new homes.
“By ushering in a new era for these historic markets, we’re creating a win-win for Traders and Londoners – and I look forward to sharing more about our next steps later this year.”
ENDS
NOTES TO EDITORS
· The Markets Site Regeneration Programme (MSRP) will be funded from the original budget allocated to the previous Markets Co-location Programme
· The MSRP will comprise a team of 11 people. They will be responsible for ensuring progress at Billingsgate, Smithfield, London Wall West, the Annexe, and Dagenham.
· The team will continue the City Corporation’s work with Traders to find a new location within the M25; working with developers and landowners to achieve a smooth transition.
· The MSRP will oversee a new 30-year strategic masterplan for the Smithfield/Barbican area, incorporating both East and West Grade II* listed buildings.
· MSRP will be working closely with the London Borough of Barking & Dagenham to ensure future plans at the Dagenham site are brought forward in line with the Barking & Dagenham Local Plan.
· MSRP will also be working closely with the London Borough of Tower Hamlets in relation to the Billingsgate site.
';
