The City of London Corporation obtained the 42-acre Barking Reach Power Station site after purchasing Barking Power Ltd.
The Corporation is proposing to consolidate Billingsgate (fish), Smithfield (meat and poultry) and New Spitalfields (fruit, vegetables and flowers), onto a single site.
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James Tumbridge, Chairman of the Markets Committee at the City of London Corporation, said: "I'm delighted we have achieved this major site purchase as a part of our vision for London and our markets.
"We will now be discussing this site as one of our options with traders, tenants, London bodies and wider stakeholders. We will evaluate it against those other options before a consultation in 2019.
"Our review and vision is to ensure a great future for our world-leading and iconic wholesale food markets."
A decision on a preferred option will be made following feedback from a public consultation in 2019.
(CM/MH)
