The $63 billion Commonwealth Superannuation Corporation has quietly snapped up a Melbourne CBD development site earmarked for a luxury apartment tower to protect the sweeping views of 101 Collins Street, the landmark office tower it owns.

CSC bought the ageing 13-storey office building at 63 Exhibition Street for about $40 million from Salta Properties, the family-owned company of billionaire property developer Sam Tarascio. Various suitors, including Lendlease, had baulked at the site’s asking price of around $80 million over the four years  since it was first offered to the market.