Smithfield and Barbican Set for 30-Year Transformation Under New City of London Plan
A new regeneration team has been appointed to help shape the future of Smithfield and Barbican areas, as part of a 30-year strategy to redevelop 70 acres of prime land in and around the Square Mile.
Approved on 26th June by the Court of Common Council, the new initiative is part of the Destination City strategy, which aims to grow the City as a cultural and commercial hub, while preserving its historic fabric.
From Markets to Museums
At the heart of the plan is the regeneration of the Grade II* Smithfield East and West Market buildings, alongside the Rotunda. These vast Victorian structures are expected to become a key cultural anchor for the Square Mile, complementing the new London Museum, which is already taking shape nearby.
“This is about investing in London’s future,” said Chris Hayward, Policy Chairman of the City of London Corporation. “We are laying the foundations of future economic growth across the Square Mile, London, and the UK.”
The regeneration team, made up of 11 staff, will also be responsible for the long-term redevelopment of a number of other strategic sites across the capital.
These include:
- The Annexe buildings near the London Museum, to be developed as an exciting new visitor destination
- London Wall West, providing much-needed cultural venues and Grade A office space
- Dagenham Dock, where plans for high-quality employment are being developed in partnership with the London Borough of Barking and Dagenham
- Billingsgate, in the London Borough of Tower Hamlets, where 4,000 new homes could be delivered alongside a new bridge across Aspen Way to connect Poplar and Canary Wharf
More details on the City of London Corporation’s wider vision can be found through the Destination City strategy, which estimates the overall redevelopment could generate £9.1 billion in Gross Value Added and support thousands of new jobs and homes.
Market Traders Supported to Relocate
The Corporation is also working closely with traders from Billingsgate and Smithfield markets, helping them to transition to new sites following the cancellation of the previously proposed move to Dagenham.
“A bright future lies ahead for these markets,” Hayward added. “We are creating a win-win for traders and Londoners.”
At Smithfield, 70 percent of traders have agreed to relocate together, while the remaining 30 percent plan to hand over their business to others. At Billingsgate, 90 percent are also planning a joint relocation.
Financial and logistical support has been offered by the City Corporation, which is currently facilitating conversations between traders, developers, and landowners. A Parliamentary Bill, deposited in November 2024, proposes ending operations at the current market sites. Subject to the passage of the Bill, both markets are expected to continue trading at their existing locations until at least 2028, allowing time for a smooth transition.
A New Cultural Hub at Smithfield
By the end of this year, the City Corporation expects to release new concept imagery showing how Smithfield could evolve. The plans aim to retain the listed architecture while delivering modern infrastructure and cultural uses.
The redeveloped market is expected to welcome 1.4 million visitors per year, create 600 direct jobs, and play a key role in redefining the Square Mile’s identity.
“By ushering in a new era for these historic markets,” Hayward said, “we are supporting both the economy and our communities.”
Lets explore the people, plans, and places reshaping London’s historic centre by visiting EyeOnLondon City.
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