The City of London is the most significant centre for business in the UK. It has a wonderful history in various industries. Sadly though, we are facing the prospect of losing two significant institutions; Smithfield and Billingsgate Markets. However, more positive plans were announced recently. We want to have a closer look here. Then, if you want some help with things like block management in the City of London, you can contact us.

A crucial piece of history

There was a time when the City of London was very different. Instead of all the offices today and a heavy focus on finance and service industries, it was a centre for trading all kinds of goods.

The remaining evidence of the diverse history is two incredible markets. Smithfield Market has been a significant centre for meat supplies since the 10th century. At one point it was the largest meat market in Europe, and remains a significant wholesaler for businesses in the city and beyond. Billingsgate Fish Market is equally significant, the biggest inland fish market in the UK. People have been buying and selling fish here since the 16th century.

Uncertain future

While both Smithfield and Billingsgate Markets are significant, plans to move them began circulating in 2019. Initially the plan was to consolidate them in one new market in Dagenham. There was a planning application the following year, and permission was given in 2021. However, we got to 2024 without progress. Ultimately, the decision was made to cancel the move because of the cost would be some £800m.

The cancellation of the move to Dagenham was a sad one for the markets. With the plans still in place to close the current buildings around 2028, the future is very uncertain. Talk to us about block management in the City of London.

Positive news

Incredibly, we got some great news recently about new plans for Smithfield and Billingsgate Markets. The new idea is to move them both together to a new site at Albert Island in the Royal Docks, Newham. It would be a fantastic future for the markets, traders, and many other stakeholders.

While the plans still need to be finalised and will need planning approval from Newham Council, there is a lot of positivity. Crucially, the land at Royal Docks is available for them. Plus, the City of London Corporation (current managers of the markets) and GLA have signed an MOU to explore the potential move.

It will be great to see what happens with these new proposals. Notably, the location in Newham will offer some significant benefits. This includes space for growth and expansion in the future. Even better, it will be a great move for the site itself because it is not suitable for housing.

Speak to us if you need help with block management in the City of London

Finefair Ltd is a great company to work with if you need help navigating the complex property market in London. We’ve got a wealth of experience and work with councils across the city. Even better, we understand the different types of assets in the city, from family homes to apartments and flats, blocks to estates.

So, if you want a specialist service like block management in the City of London or need solutions like guaranteed rent, speak to us. We can make the arrangements and give you fantastic value.