The Wills Memorial Tower, part of the University of Bristol, was a gift from the Wills family - George and Henry Wills, in memory of their father Henry Overton Wills III. It was designed by George Oatley, and officially opened by King George V and Queen Mary on 9th June 1925. It had cost £500,000 to build.
It is currently undergoing repair and restoration work which is expected to take 9 months.
This isn't Park Street but Queen's Road. The building in scaffolding is the Wills Memorial Tower, Bristol University see ST5873 : The Wills Memorial Tower Under Repair. Park Street doesn't start until you turn right to go down the hill, by the light green painted shop just out of shadow on the right. (Fondly remembered from my days as a student in Bristol - the Bekeley Cafe is in shadow on the right, blue neon sign is just legible).