Plans for a $1 billion tower block dubbed “the pantscraper” have been rejected by Victorian Planning Minister Richard Wynne because it would have overshadowed the Yarra River.

The decision is the second time developer CBUS Property has had its plans for the former National Mutual site at 447 Collins Street rejected.

Melbourne Lord mayor Robert Doyle says Mr Wynne’s decision was a terrible result for the city. An earlier proposal  for a 100-storey tower on the site was also rejected, despite being enthusiastically supported by the city council.

Mr Wynne said he rejected the CBUS application for the revised 164-metre tower because it would have “cast a shadow across to the south bank of the Yarra River”.

The rejected proposal would have had 68,000 square metres of office space, 269 hotel rooms, 315 apartments and 2000 square metres of retail space.

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