the development of a new headquarters building for the australian provincial assurance association ltd in martin place was intrinsically connected to the development of martin place itself. when on 8 april 1936, the extension of martin place to macquarie street was opened, a series of development sites along each side of the new thoroughfare were made available by the city of sydney. the first two sites sold were those between elizabeth street and phillip street. the northern block was sold to the rural bank of nsw and the southern block was purchased by the australian provincial assurance company ltd on 23 may 1935, for the sum of .