Puma Property Finance has provided a £74 million development loan to a joint venture between Mactaggart Family & Partners and Kinrise supporting an office-led redevelopment of Canons Wharf, a landmark Grade II-listed waterfront estate in Bristol city centre, CoStar News can reveal.
The site was the regional headquarters of Lloyds Banking Group.
The redeveloped Canons Wharf scheme proposes 165,000 square feet of offices across two distinct buildings with harbourside views and 18,000 square feet of food and beverage overlooking the Amphitheatre, a waterside public space hosting events throughout the year. The redevelopment will also include a gym, saunas, auditorium, rooftop pavilion, gardens and terraces. The duo said the development has been designed for "ultimate flexibility" with each building able to house corporate headquarters or operate within a multilet campus.
The development will target BREEAM Excellent, EPC A, WiredScore Platinum and SmartScore Gold standards and will prioritise a low-carbon retrofit, minimising embodied carbon through reuse of existing structures, efficient window glazing and natural ventilation. The building will be 100% electric, supplied by green energy, and will feature water source heat pumps using harbour water.
Located on 4.6 acres of waterfront freehold, Canons Wharf is in Bristol’s mixed-use Harbourside community close to Temple Meads Station. The site has a large car park provision and is home to occupiers in finance, legal and technology sectors.
The developers said Bristol's office market has Grade A vacancy at 3.9%. The joint venture brings together MF&P, a long-established family office with a track record in value-add investments, and Kinrise, an investor and operating partner specialising in the retrofit of architecturally significant buildings.
It is also Puma’s largest loan to date and its first transaction in Bristol. It said that reinforced its commitment to delivering best-in-class, sustainable office buildings across the UK. It previously supported MF&P in 2022 with a £33 million loan for the conversion of the Grade II-listed Mountbatten House in Basingstoke, into a green office scheme now known as Plant.
Work on the Canons Wharf redevelopment is expected to commence in the summer of 2026 with practical completion expected to be in late 2027.
Colliers Debt Advisory acted for the joint venture.
William Laxton, chief executive, Mactaggart Family & Partners, said in a statement: “Canons Wharf will be a market defining scheme that rewards us for our conviction during a challenging time for the UK office sector. We are grateful for the trust the Puma team have placed in our JV with Kinrise and really proud to be delivering this project into one of the most exciting occupier markets in the country.”
George Aberdeen, managing partner, Kinrise, added: “Canons Wharf has the scale and architectural prominence to be Bristol’s leading office building. We look forward to it being full of thriving people, growing companies, life and soul."
Rahul Malde, director, Puma Property Finance, said: “This iconic scheme overlooking the Bristol Harbourside and Amphitheatre exemplifies our commitment to working with experienced sponsors and delivering best-in-class product in underserved markets.”