That historical photo seems to have been taken from a higher vantage point. The most likely place seems to be the B Bond, perhaps from that fire escape, or maybe the roof? Something tells me it's unlikely they'd let me up there, but you never know, maybe one day I'll ask an archivist; I think that area's part of the Bristol Archives stores...
GPS Coordinates:
51.44841, -2.62268
Location: Hotwells