Towards the end of 1940 the new Johannesburg Branch of the Permanent Building Society was nearing completion. It appears as though the building achieved a number of firsts including being the first planned for air conditioning and the first with basement parking. Another interesting aspect is that the safe deposit boxes from Johannesburg's second Stock Exchange may still be in the basement! Read on for more details from the book Building for Permanence.
When war broke out, new premises for Johannesburg Branch were in course of erection at the corner of Simmonds and Commissioner Streets, a block away from the old Permanent Buildings on the corner of Harrison and Commissioner Streets but on the opposite side of the later street.
Early shot of Permanent Buildings (Victory House) - Building for Permanence
The staff could watch as the old Palladium building, Johannesburg’s first cinema, was demolished and excavations begun for the sub-basement and basement of the parking garage for the new building - an innovation in Johannesburg.
It proved impossible economically to remove the safe deposit boxes in the existing basement of the old Palladium Building. These had belonged not to Johannesburg’s first Stock Exchange but to the second one built on the site. They had withstood efforts in the Anglo-Boer War to open them and they are used to this day...