London's historic Smithfield meat market and Billingsgate fish market, two institutions with roots stretching back nearly a millennium, are facing a profound transformation as plans move forward to redevelop their sites into residential and cultural spaces. The City of London Corporation, the governing body responsible for the Square Mile, has voted to oversee the regeneration of 28 hectares across Greater London, including these iconic market locations, though it has not yet allocated new funding for the project.

This decision follows last November's move by the corporation to cancel a £740 million plan to relocate the markets to a new site in Dagenham Dock, attributing the cancellation to escalating inflation and construction costs. The plans to move the markets had sought to modernize operations by co-locating Smithfield and Billingsgate in east London, but with rising expenses pushing the project beyond reach, the corporation instead aims to transform the existing sites while aiding traders in finding alternative premises. Both markets will continue trading in their current locations until at least 2028, providing a gradual transition period.

The corporation claims the redevelopment will unlock significant economic benefits, estimating an addition of £9.1 billion in gross value added to the UK economy, alongside plans to create thousands of jobs and new homes. The Smithfield site, with its Victorian listed buildings—many designed by Horace Jones in the 19th century—will become a cultural hub anchored by the new London Museum, currently relocating to part of the site formerly occupied by the poultry market. Plans foresee a mix of bars, restaurants, and venues enhancing the area's cultural vibrancy.

At Billingsgate, adjacent to Canary Wharf, the 5.6-hectare site is earmarked primarily for residential development, potentially accommodating around 4,000 new homes. This move is part of a broader regeneration strategy for Dagenham and other sites managed by the corporation, which includes ambitious plans to spur local employment in historically deprived boroughs.

The closure of these markets ends centuries of continuous meat and fish trading within central London, marking a significant shift in the capital’s commercial landscape. Traders have expressed mixed feelings: while many are saddened by the impending closure of such historic venues, some, like Greg Lawrence, chair of Smithfield traders, recognise the limitations of the current sites and support relocating to more modern premises better suited to business growth.

The corporation has pledged financial support and compensation to traders affected by the closures, along with advice and assistance in securing new market locations. Nevertheless, the final closure of these markets requires parliamentary approval, as their establishment and operation are protected by acts of parliament dating back to the medieval era. Some opposition remains, notably from fishmongers at Ridley Road market who depend on Billingsgate and have garnered backing from a small group of MPs advocating against the closure.

These developments reflect a long-standing trend in London, where traditional wholesale markets such as Covent Garden and Spitalfields have been repurposed into retail and cultural spaces, reshaping the city's urban fabric. The journey of Smithfield and Billingsgate from bustling marketplaces to sites of mixed residential and cultural use underscores the challenges of preserving historic trade functions amid modern economic pressures and urban development needs.

While the corporation reallocates the remaining funds from the cancelled Dagenham project towards other major undertakings – including an over-budget law court complex – there is a clear intent to balance respect for the markets’ heritage with economic regeneration imperatives. The evolving plans for Smithfield and Billingsgate signal both an end and a new beginning for these enduring symbols of London's commercial history.

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Source: Noah Wire Services