The three historic markets are set to move to the former Barking Reach Power Station site at Dagenham Dock in east London.

The site contains 42 acres of industrial land and good connections to the rail network and the River Thames.

Catherine McGuinness, Policy Chair at the City of London Corporation, said: “Our number one priority is to provide a top-quality market environment serving London and the South East – not just fit for today’s needs but also for tomorrow’s.

“The move to Dagenham Dock will enable our wholesale markets to flourish, providing more modern facilities and space for our tenants to grow so that they can continue to support London’s food economy.

 “The launch of these new plans shows we are one step closer to realising our ambitions for this site – a vision which will help us create a modern and sustainable co-located food location, serving existing and future generations across London and the UK.”

Early designs will first go on show at the public consultation events which start next week.

Darren Rodwell, Leader of Barking & Dagenham Council, said: “The proposed new home for London’s markets promises to bring a huge economic boost to the borough, and our priority will be to make sure that local people have the skills and training to take advantage of the employment opportunities that will arise.”

Ocubis, development manager for the owners of the site, Hotchkiss, has already gained planning for the big 166-flat riverside residential scheme.

Now the firm has argued that falling sales prices and softening sales rates in an area close to the oversupplied Vauxhall Nine Elms site necessitated a change of plan.

The towers will be connected by a five-storey podium with full height entrance

Lambeth council planners this week backed the move giving the all-clear to start enabling works for construction of the £250m scheme this autumn. The programme will run for 55 months.

Architect Make designed the original scheme to build two linked towers at the former garage site at 36-46 Albert Embankment.

The stepped exterior of the buildings is largely unchanged from the original flats plan although Jestico + Whiles was drafted in to make internal design changes for the switch to hotel use.

The Old Kent Road site contains an iconic gasholder which is set to be turned into a feature of the four acre housing and industrial project.

Avanton’s alligator plan would see the reptiles housed within a series of deep waterfeatures within the gasholder alongside a visitors’ centre and educational facility.

Part of the 48.8 metre high gasholder frame would be shrouded with special shielded glass to create a conservatory and the warm conditions alligators need to thrive.

Other alternatives being explored for the gasholder frame are to transform it into a striking art-like architectural feature within the gardens and parkland of the new development.

Within the skeleton of the gasholder there are optional plans for a pavilion, water features and gardens, providing a central feature for the residential and commercial buildings within the new development.

The proposal, known as SG1 will eventually provide more than 1,800 new homes, 3,500 sq m of retail and commercial floor space, a new public square and a new park, as well as a Public Services Hub and a new primary school.

Kevin Cowin, Director at Mace, said: “This is an ambitious and carefully crafted proposal that expresses our confidence in Stevenage town centre. We aim to revitalise the town centre by introducing new homes, vibrant activities, community facilities and inviting public spaces.

“Our vision is to deliver a thriving, successful and attractive heart to Stevenage which will serve the needs of local people and businesses for decades to come.”

Mace is also managing the delivery of improvements to the existing historic Town Square, which is on-site at the moment with Ashe Construction.