State Savings Bank Building


The State Savings Bank Building is a heritage-listed large bank building and commercial offices situated at 48–50 Martin Place, in the Sydney central business district in the City of Sydney local government area of New South Wales, Australia. It was designed by Ross & Rowe Architects and Consulting Engineers and built between 1925 & 1928 by Concrete Constructions Ltd. The building is the "pink palace" version of the money box issued by Commonwealth Bank. After several decades of use by the Commonwealth Bank of Australia, including as its headquarters from 1984, it was purchased by financial services company Macquarie Group in 2012, refurbished, and now serves as Macquarie's global headquarters as 50 Martin Place. It was added to the New South Wales State Heritage Register on 17 November 2000.

History

Government Savings Bank of New South Wales HQ (1920 – 1931)

The successful growth and development of the Government Savings Bank of NSW over several decades necessitated relocating the operation to larger premises capable of not only accommodating the current requirements but also future ones. Between 29 November 1920 and 21 September 1921 the Commissioners of the Bank purchased five adjoining strips of land between Castlereagh and Elizabeth Streets. The properties had frontages of to both streets and a total cost of.
The eventual dimensions of the amalgamated site were to Martin Place on the south, to Elizabeth Street on the east and to Castlereagh Street on the west. In addition to its potential for development at the required scale, the site was undoubtedly favoured for its proximity to an established civic district and central location amidst the emerging retail and financial districts of the City following World War I. It was during the Bank's administration of W. H. O'Malley Wood and H. D. Hall and J. H. Davies that 48 Martin Place was erected. During a ceremony on 13 March 1922, three foundation stones for the building were laid by The Hon. James Dooley MLA – Premier of New South Wales, The Hon. J. T. Lang MLA – Colonial Treasurer, and Mr O'Malley Wood – President of the Bank. Construction eventually commenced in February 1925 and 48 Martin Place was completed late in 1928.
The Government Savings Bank of NSW officially opened by the Premier of New South Wales, the Hon, T. R. Bavin, on 13 December 1928. The roof provided panoramic views over the harbour and the city in 1928, and the whole building symbolised the optimism and forward thinking of the 1920s prior to the great Depression, in addition to the prestige, security and strength of the Bank. The location, size and grandeur of the building confirmed a belief in the stability and endurance of the Australian economy in general, and the distinguished place of New South Wales in that development in particular. At the time of its construction, the building was the most expensive in Australia, having been constructed at a cost of.

Commonwealth Bank of Australia Main Sydney Branch (1931 – 1984)

During the Great Depression of the 1930s, the Government Savings Bank of NSW collapsed and was merged with Commonwealth Bank. On 16 December 1931, the grandiose banking chamber of the building then became the main Sydney CBD branch and the offices on the upper floors were occupied by the Australian Taxation Office.

Commonwealth Bank of Australia HQ (1990 – 2007)

Recognising the importance of 48 Martin Place, the Commonwealth Bank commissioned Australian Construction Services late in 1980 to develop proposals for the conservation and upgrading of the building. Various building elements, in particular the facade, were examined over several subsequent years. Research also included the removal of one window of each type from the south-east corner of the building to investigate the method of detailing and the condition of the metal and working mechanisms.
Following the relocation of the Commonwealth Taxation Department in 1983, who had occupied the floors above the Banking Chamber since the 1930s, the Commonwealth Bank took the opportunity to engage in a major restoration project for this notable city property. After a series of feasibility and design studies were undertaken by Australian Construction Services, with input from Mr Peter Freeman of the Australian Heritage Commission, the Commonwealth Bank decided, in early 1984, to make 48 Martin Place Head Office for the organisation. The restoration programme was undertaken in three stages between 1984 and 1990:
  1. Stage One: Internal demolitions, scaffolding and hoarding, and asbestos removal;
  2. Stage Two: Major works of restoration, reconstruction and refurbishment, internal construction and services installation;
  3. Stage Three: Final interior fitout and finishing.
In 2012, CBA moved their headquarters to Darling Harbour, split across Darling Park Tower One and Commonwealth Bank Place, and sold 48 Martin Place and the adjoining 9-19 Elizabeth Street building to Macquarie Bank for about

Macquarie Bank HQ (2014 – current)

The building was purchased by Australian financial services company Macquarie Bank in March 2012 along with an adjoining building, with suggestions that the State Savings Bank building itself might be refurbished and on-sold. Instead, Macquarie refurbished the building spending to accommodate some of its 14,000 staff adding a new three-storey glass elliptical dome roof structure to the building, a widened atrium penetrates the office floors above as well as 2 new cylindrical central lifts.
It officially moved into the building as 50 Martin Place and it now serves as the company's global headquarters as of in September 2014.

Description

The Government Savings Bank of New South Wales building fronts Martin Place on the south, Elizabeth Street on the east and Castlereagh Street on the west. The building is an extensive eleven-storey structure plus mezzanine above ground, with three basement levels. Externally the building displays monumental civic scale in the Beaux-Arts architectural style, and precise symmetrical detailing utilising classical motifs. The Classic inspiration for the building is evident in the columns used on the exterior:
  • Ionic columns on the Martin Place façade,
  • Corinthian columns framing the balcony doors, and
  • Doric columns on the roof.
The great Ionic columns on the Martin Place façade unite the six central floors, with the remaining floors serving as base and frieze. Above the base storey, strongly expressed with red granite facing, the cladding is pink terracotta blocks arranged in small tessellated effect. Terracotta cladding is also used on the Martin Place columns. At the upper levels, ornate terracotta detailing is included on the cornice, entablature and pilaster capitals. At roof level, the building has a Classical attic storey and dentilated cornice.
48 Martin Place has tremendous civic presence, portraying an image of massive solidity. The rich colour of the façade materials makes the Bank a most eminent landmark amongst its neighbours. It is a magnificent example of Beaux-Arts revivalist architecture, and a visual and technical masterpiece. The style was used to express the wealth and stability of financial institutions emphasising the qualities of:
  • a monumental scale expressed by giant order;
  • symmetry and the sculptural treatment of the facades;
  • comprehensive use of classical motifs and details ;
  • up-to-date structural techniques allowing expansive rooms; and
  • high quality materials and finishes.
Extensive conservation works have restored the principal public areas to near original condition internally. The Banking Chamber, Grand Hall and Safe Deposit area are impressive in scale and detailing and form a sequence of grand interiors.
The Banking Chamber is detailed in an extravagant neo-Classical style, displaying substantial use of marble, and scagliola on tremendous stylised columns. The banking staff occupy the central space, which features marble, bronze and glass partitions. The main entrance is from Martin Place with access available from both Castlereagh and Elizabeth Streets, and also at the northern end of the building, between the Grand Hall and the Banking Chamber. The lofty ceiling is coffered and treated in a decorative manner, achieved by use of Wunderlich pressed metal panels fixed to the concrete slab. The arrangement had been detailed to give efficient and reflected light. Large bronze lamps supply artificial light reflected off the ceiling, providing diffused general lighting.
The Grand Hall forms a pedestrian way between Castlereagh and Elizabeth Streets. A ribbed barrel dome, embellished with mosaics and stained glass panels depicting prosperous Australian industries at the time of construction, surmounts the passage. Located centrally within the Hall is the Grand Stair, a wide marble staircase with bronze grille balustrade and Queensland maple handrail. The stair converges centrally at the Government Savings Bank's Memorial Window and Tablet located on the northernmost wall. Walls of marble and the sumptuous detail create a remarkable architectural space.
The Safe Deposit area in the basement level is remarkably intact. Great barrel domes create a magnificent groined ceiling of three bays supported by marble pilasters. The ceilings are decorative, and brass pendant lights hang from the centre of each dome. Mosaic spandrels above marble walls are framed by the ceiling vaults and depict wreaths and festoons in rich green and red against a neutral setting. The whole is framed by a green and red leaf and berry motif on deep yellow mosaic tiles. The floors are white marble with decorative black border tiles.
While the lettable office space on the upper floors has been extensively altered, the stairways connecting the upper floors are largely intact. The stairs within the chambers are terrazzo, and balustrades are bronze with timber handrails. Original timber framed hydrant covers with frosted glazed panels and timber and brass mail chutes, no longer in use, have been retained within the stair chambers, along with the floor levels detailed in decorative tiles on the walls. Windows with deep reveals are located at each level of the stair chambers.