Puma Property Finance has provided a £74m development loan to a joint venture between Mactaggart Family & Partners and Kinrise to support the redevelopment of Canons Wharf in Bristol.
The Grade II listed waterfront site, which was the former regional headquarters of Lloyds Banking Group, will provide 165,000 sq ft of office space across two buildings and 18,000 sq ft of F&B space overlooking the Amphitheatre – a waterside public space.
The redevelopment will also feature a wide range of on-site amenities including a gym, saunas, auditorium, rooftop pavilion, gardens and terraces.
William Laxton, CEO of Mactaggart Family & Partners, said: “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 at 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. 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 at Puma Property Finance, said: “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.”
Colliers Debt Advisory acted for the joint venture partners.
