The former Bristol office of Lloyds Bank, a notable landmark, has been purchased with a £40m renovation plan in the pipeline to transform the Grade II-listed building into a contemporary workspace. The buyers, London-based real estate company Longstock Capital and investment firm Mactaggart Family and Partners, acquired Canons House for an undisclosed amount.

The acquisition follows Lloyds’ decision to divest its harbourside asset in late 2021. The bank had owned the building for over three decades and had moved thousands of its employees from there to its nearby ‘Harbourside’ office, which offers views of the floating harbour. Canons House had been underused for several years, prompting the move after a review of Lloyds’ property portfolio.

Longstock Capital announced on its LinkedIn profile that the new owners plan to undertake a “comprehensive” retrofit of the 190,000 sq ft property, with completion expected in 2025. The joint venture aims to achieve an EPC A and BREEAM Outstanding accreditation for the renovation.

Hugo Denée, co-founder of Longstock Capital, revealed to BusinessLive that the company intends to design the new scheme for multiple tenants, but would also be open to accommodating a single flagship tenant. The company is also contemplating the potential use of the building’s rooftop to capitalize on the riverside views, although discussions with Bristol City Council’s planning office have not yet taken place.

The companies stated on LinkedIn that the strong occupational market fundamentals in Bristol, along with increasingly attractive pricing in the office sector and their understanding of modern office requirements, make Canons House an ideal choice for their collaboration.

Longstock and Mactaggart are currently managing the transformation of the listed former headquarters of paper manufacturers Wiggins Teape in Basingstoke. It was believed that Lloyds had intended to discuss the sale of Canons House with Bristol City Council to explore potential occupiers, developers, or investors interested in the site’s redevelopment.

Longstock and Mactaggart expressed their gratitude to Lloyds Banking Group and their advisors for entrusting them with the stewardship of this iconic building. They are eager to collaborate with local stakeholders to reinvent Canons House into an exceptional occupational solution that Bristol can take pride in.

CBRE, the agents, represented Lloyds Banking Group in the sale, while law firm DLA Piper represented the buyer. Property firm Savills will be marketing leasing opportunities at the newly revamped scheme.