A trio of London’s most famous markets could find a home in Redbridge.

The council has unveiled plans for a 162-acre site in Fairlop which could house Billingsgate, Smithfields and New Spitalfields markets.

The City of London Corporation wishes to relocate all three of the wholesale food markets to a single site to their ensure long-term future.

Currently, the corporation is in the process of short-listing potential sites before it opens a public consultation on the plans over the summer.

Those behind the Redbridge bid say their site is the only one that has been proposed that is large enough to house all three markets in one place, as well as being within the M25.

As well as the M25, the site is easily accessible from the A12, A13 and M11.

If successful, the Redbridge bid could lead to 3,500 jobs and up to 200 new small and medium businesses coming to the area.

With a predicted combined turnover of around £800m, the markets would bring huge economic benefits to the borough – including business rates contributions paid directly to the council which could amount to £500,000 per year.

Cllr Jas Athwal, council leader, said: “Redbridge is open for business and we’re very excited to propose Fairlop as the next potential home for three world-famous markets.

“Building upon the arrival of the Elizabeth Line later this year, we already have an established and bold strategy for growth in Redbridge that makes us the perfect partner to support the City of London’s vision for the future relocation of its markets.

“Local residents would welcome the creation of a large number of jobs in the area as well as the opportunity for an on-site college aimed at training up new employees to work in the industry.”

Redbridge Council wants to see a carbon positive development on the site with extensive planting, landscaping and green roofs used not only to neutralise the site’s own carbon footprint, but reduce that of the surrounding area too.

Keith Prince, London Assembly Member for Redbridge and Havering, said: “Redbridge has a proud agricultural history which makes the site in Fairlop the natural choice to re-locate Billingsgate, Smithfield and New Spitalfields markets on to one state of the art modern wholesale facility.

“This site in Fairlop is a once in a lifetime opportunity to create a long-lasting legacy for both the City of London Markets and Redbridge.

“The vision to bring on to one site, three large wholesale markets, retail space, education facilities as well as processing and distribution facilities is unprecedented on this scale.”

Wes Streeting, MP for Ilford North, said: “The re-location of these three iconic markets will deliver the best of both worlds for the City of London and Redbridge.

“I fully support the green credentials of the proposals and the innovative ideas such as energy from waste, bio-fuel technologies and food waste being recycled into compost for use by nearby farms.

“These proposals demonstrate a bold vision which we believe will resonate with market traders and customers alike.”

A City of London Corporation spokesperson said: "The City's three world-leading wholesale food markets in Billingsgate, New Spitalfields and Smithfield are part of the very fabric of London.

“In order to secure their continued success and best possible future, following a strategic review, we are developing a programme for consolidating the City Corporation’s wholesale markets onto one site.

“As part of this programme we will be consulting with the market tenants, traders and their customers, and other key stakeholders to develop the operational requirements for a new market and take their views on the programme and potential sites, into account. We will evaluate a range of different options before a public consultation in 2019.

“Our number one priority is to maintain a top-quality market environment serving London.