This whole block was to be redeveloped as consolidated Commonwealth Offices in the early 1970's but plan was abandoned by the Federal Government in June 1973. 
Old ....east end Melbourne arials.
Now this is old !!! back in the 1950's....I think around 1957. The ICI then Australias tallest building looks to be framed and the Commonwealth Centre, Block 1, nearby looks to be not quite finished by its surrounds... Places like the pavilions around the Exhibition buildings are still there as is the eastern Market where the Southern Cross Hotel was built..now gone also! Collins St. was skyscraper free they hadn't even started demolishion for the CRA...101 site. 
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these articles from 1972 and 1973 tell the story. 
This is the ultimate plan which consisted of three 35 -40 story towers. linked by a full podium and glazed central courtyard which if it had been built would have been larger than the similar great space at Colling Place. They even were gioing to close little Lonsdale which never had been done before in the CBD. From this area underground pedestrian links to Parliament station. A further tower matching the 3 towers would eventually replace the aging blocks 1, 2 and link buildings of the 50's and 60's. 
Ditto again!!
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