GLA Land and Property has started market testing for the redevelopment of the 25-acre Albert Island site in Newham, where the capital’s iconic fish and meat markets are set to relocate.

The winning team will work alongside the City of London Corporation to build around 300,000 sq ft of new wholesale market facilities and supporting commercial space, alongside major enabling infrastructure and site servicing works.

The scale of the opportunity is far bigger than the markets alone.

Albert Island already has planning consent for around 750,000 sq ft of development and a new boatyard, opening the door to a major industrial and logistics-led regeneration scheme in east London.

The move marks the next stage in plans agreed last year by traders, the City Corporation and the GLA to relocate both markets from their current homes near Canary Wharf and the City of London.

The development partner appointment is expected to run for 10 years from April 2027.

Relocating the markets will also unlock two of London’s biggest redevelopment opportunities.

The grade II-listed Smithfield Market halls are earmarked for transformation into an international cultural and commercial destination alongside the London Museum, while the Billingsgate site on the edge of Canary Wharf is lined up for around 4,000 new homes and a new pedestrian and cycle bridge.

The new wholesale markets are also expected to include a major food school providing training for butchers, fishmongers and fruiterers.

Developers and investor consortia have until 6 July to submit expressions of interest ahead of a formal procurement process.