Locations
Leading European law firm, Fieldfisher, has advised the City of London Corporation on relocating the centuries-old meat and poultry market from the central London Smithfield Market in Farringdon to a new venue in Barking & Dagenham, Essex. The move will see all meat and poultry trading moved to the 42-acre, £100 million Dagenham Dock site, as the new market comes online over the coming years.
The Smithfield site has been the home of London meat training since the Middle Ages, but issues with the structure of the market buildings, transport access and a decline in face-to-face trading at the site has made a move both feasible and increasingly attractive.The 1960s Poultry Market building at Smithfield will be vacated by the poultry traders at the end of August 2023, when the building will re-house the Museum of London, which is moving from its current London Wall home.
The Victorian East & West Markets will be vacated once the new market at Dagenham Dock has been completed, with those markets to then be redeveloped by the City.
The Dagenham site will also house Billingsgate Fish Market and will be one of Europe's biggest wholesale food markets.
The Fieldfisher team was led by Head of Real Estate, Antony Phillips, who worked alongside fellow Real Estate partner, Laura Mackenzie.
Commenting on the deal, Antony said, "It has been a pleasure working with our long-standing client, City of London Corporation, on this highly-significant deal. Moving the meat and poultry market out of the City of London will end nearly a millennium of a meat and poultry trading in the City. Negotiations between the City of London Corporation and the tenants at the Market have been ongoing for a number of years, and it's great to see agreement reached and the future for this iconic market secured for years to come.
"The Dagenham site will provide a greatly enhanced space both for Smithfield and Billingsgate, with better transport links and environmental credentials. The Smithfield Market site and its buildings, which are iconic and are much loved by Londoners and visitors alike, will be preserved for future generations to enjoy. It has been a privilege to work with such a talented team at the City Corporation in securing the viability of the space at the heart of the City for future generations."