Puma Property Finance has provided a £74 million development loan to a Joint Venture between Mactaggart Family & Partners and Kinrise, to support the transformation of Canons Wharf, an iconic Grade II listed waterfront estate in Bristol city centre. The site was the former regional headquarters of Lloyds Banking Group.
The redeveloped Canons Wharf scheme will deliver 165,000 sq. ft. of versatile office space across two distinct buildings with Harbourside views and 18,000 sq. ft. of food and beverage opportunities overlooking the Amphitheatre, a waterside public space hosting events throughout the year. The redevelopment will also feature an array of amenities including a gym, saunas, auditorium, rooftop pavilion, gardens and terraces. Designed for ultimate flexibility, each building is well suited as a corporate headquarters or as a vibrant multi-let campus.
The development will target meeting BREEAM Excellent, EPC A, WiredScore Platinum and SmartScore Gold standards, with a strong focus on sustainability, health and wellbeing.
The redevelopment 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 utilising the harbour water. Rooftop photovoltaic panels, new tree planting and green landscaping will further enhance biodiversity and sustainability across the scheme.
Located on 4.6 acres of prime waterfront freehold, Canons Wharf sits at the heart of Bristol’s vibrant mixed use Harbourside community and within walking distance of Temple Meads Station. The site benefits from excellent transport links, large car parking provision and is surrounded by leading occupiers in finance, legal and technology sectors.
Bristol is the leading office market among the UK’s Big 6 Regional Office Cities1, with Grade A vacancy at just 3.9%. The city’s vibrant central business district, strong knowledge economy and limited pipeline of new supply underpin robust demand for high-quality, sustainable office space.
The Joint Venture brings together MF&P, a long-established family office with a proven track record in value-add investments and Kinrise, an award-winning investor and operating partner specialising in the retrofit of iconic buildings.
This also marks Puma’s largest loan to date and its first transaction in Bristol, reinforcing 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 JV.
William Laxton, CEO, Mactaggart Family & Partners, commented:
“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, commented:
“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. It has also been a long-standing ambition for Kinrise and MF&P to work together and this is the perfect project to bring out the best of our complimentary skills”.
Rahul Malde, Director, Puma Property Finance, commented:
“We are proud to support MF&P and Kinrise on the redevelopment of Canons Wharf, a landmark project that will set new standards for sustainable office development in Bristol. 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. We look forward to seeing the transformation of this vacant estate into a vibrant mixed-use campus, creating spaces to work, taste and gather.”
