Document ID: chunk:federal_register_of_legislation:F2021C01223:front:0:p90
Version: federal_register_of_legislation:F2021C01223
Segment Type: other
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Character Range: 265710–268428

Sydney but boost real estate values and the Council's rate returns.  The Town Planning Association wrote in December 1932 that the significance of Martin Place as a "show street" be recognised, that all street corners be splayed or rounded and that all buildings be a uniform height of 150 feet.[53]  Post-war developments in and around Martin Place however paid less attention to the civic design needs of the space than to maximisation of site potential.

In 1957, the site at the top of Martin Place on the southern side, was purchased by the Commonwealth Bank as the location for the first Reserve Bank of Australia building which opened in 1964. The Bank of NSW building erected on the opposite corner is almost contemporary with the Reserve Bank and occupies a similar footprint providing a gateway effect at the top of Martin Place.

The closure of Martin Place to traffic and its creation as a major civic space was finally realised in the period between 1968 and 1978.  During this time the street was progressively pedestrianised as a civic plaza.

The NSW Railway Department owned easements along Macquarie Street and Martin Place  intended for use as part of the proposed Eastern Suburbs Railway system.  In March 1959 the Reserve Bank agreed that on completion of purchase the 60 Martin Place site, it would transfer the easement adjacent to its Macquarie Street frontage to the Railways Department without charge.  The Transfer and Grant of Easement were executed by the Bank on 3 December 1959. Following a protracted and sporadic planning process, the station was finally put into service in 1980.

11.3.4        Development of the Site prior to 1959
The Reserve Bank of Australia separated from the Commonwealth Bank of Australia following the passing of the Reserve Bank of Australia Act in 1959.  The Act included a requirement that the head office of the Reserve Bank of Australia was to be located in Sydney, and housed separately from the Commonwealth Bank, or any other banking institution.  Several sites within the central business district of Sydney were already under consideration by the late 1950s.

On September 9th 1957, the Director-General of Works (Dr Lodge) recommended the site located at the eastern end of Martin Place, owned by the City Council would be most suitable to construct the head office for the newly formed Reserve Bank.  The land, which was a residue of the Martin Place Resumption Scheme had an area of 1 rood 36 perches, known as Lots 10 and 11 Martin Place, Sydney[54].

A further two sites were purchased by the Reserve Bank when it was extended in the late 1970s.

11.3.5        Macquarie Street Properties, 1821-1959
The Macquarie Street land relating to this