Maurice Alter

Moses "Maurice" Alter (30 March 1925 – 13 April 2018) was an Australian property developer, billionare, art collector and philanthropist. He was a director of several prominent corporations and notably founded the Pacific Group. Between 1963 and 1979, Alter was a key figure of the Hanover Holdings property group in partnership with Paul Fayman and George Herscu.

Moses "Maurice" Alter
Born	(1925-03-30)30 March 1925 Siedliszcze, Poland
Died	13 April 2018(2018-04-13) (aged 93) Melbourne, Australia
Burial place	Melbourne Chevra Kadisha Springvale Cemetery
Occupation	Property developer
Board member of	Hanover Holdings (1969–79) Pacific Group (1979–2018)
Partner	Helen Alter

Biography

Maurice Alter was born at Szedliszcz in eastern Poland as the son of Brachell and Joseph Alter.^[1] He received an education in Russia before going to Germany, where he was captured and interned in a Nazi prisoner-of-war camp. A few years after liberation, in 1949, Alter fled to Australia as a displaced person and was the sole surviving member of his family.^[2]

Upon arriving, he worked as an electrical engineer before making his first real estate investment in the mid-1950s, buying two shops and a bank in the Melbourne suburb of Kew. Around this time, he married Hinda "Helen" Rubinstein, and they became Australian citizens.^[3] The couple shared an interest in music and owned an expensive contemporary art collection.^[4]

By 1963, Alter had teamed up with developers George Herscu and Paul Fayman, who were also of Jewish-European descent. In 1969, they orchestrated the takeover of a public company to create Hanover Holdings. Hanover mainly had interests in shopping centre construction, general investments, entertainment venues, produce wholesaling and office/residential developments. The company's success in the early 1970s, boosted by a property boom, formed the foundation of Alter's wealth.^[5]

Net worth

Prior to his death, Alter was one of ten individuals listed on every Financial Review Rich List since the first list was published in 1984.^[6]

Gallery

• 
  Maurice Alter in the 1970s
• 
  Maurice and Helen Alter
• 
  Alter with Bob Hawke
• 
  Alter at Centrepoint Mall c. 1979
• 
  Forest Hill Chase, 1990s

Real estate career

His entry into property development supposedly began with the purchase of two shops and a bank in Kew, an inner suburb of Melbourne. In the late 1950s, Alter teamed up with Romanian-born Jewish developer George Herscu and they began building shops together. In 1963 they partnered with Paul Fayman, who was also of Jewish-European descent, to complete his shopping centre at Forest Hill. This opened in 1964 and was among Alter's most successful ventures during that period.^[7]

In 1969, the Alter-Fayman-Herscu partnership acquired a controlling interest in a publicly listed finance company, transforming it into property and investment group Hanover Holdings. Hanover quickly became known for its large-scale shopping centres and mixed-use developments, profiting immensely during the early 1970s real estate boom. Some of the early centres Alter held an interest in included Hanover's Vermont South Shopping Centre (1974), Dandenong Hub Arcade and Balmoral Shopping Centre Frankston (1973).^[8]

After Hanover was dissolved in the late 1970s, Alter retained joint ownership of the complex with Paul Fayman before gaining complete control in 1983.^[9] In 1979, Alter consolidated his property empire as the Pacific Group, which is run by his descendants and is active mostly in Victoria and South Australia.^[10][11]

Many of his shopping centres featured a Coles-Myer retail brand, often a Coles Supermarket or Target, as their primary tenant. The $32 million Centrepoint Mall at Bourke Street, Melbourne, opened in 1979 as a joint venture between Alter and long-time friend and business partner Paul Fayman.^[12] Similarly, the $12 million Prahran Central Shopping Centre at Chapel Street was completed in partnership with John Gandel, and the $7 million Flinders Fair Shopping Centre at Flinders Street was developed alongside George Herscu.^[13]

Other notable retail developments carried out by the Pacific Group include Pacific Werribee in Hoppers Crossing (1985), Pacific Epping (1995), Wodonga Plaza (1988), Sunshine Plaza (1983) and the Myer complex at David Street, Albury. Alter was also instrumental in the 1989/90 redevelopment of Forest Hill Chase.^[14] In 1984, the Victorian Labor Government approved a permit for the construction of a major commercial building on a Glen Iris site owned by Alter and Hudson Conway. This building became the headquarters for Coles-Myer, generating $11 million annually in rental income and significantly boosting the site's value.^[15][16]

Net worth

Year	Financial Review Rich List		Forbes Australia's 50 Richest
	Rank	Net worth (A$)	Rank	Net worth (US$)
2011[17]			32	$0.70 billion
2012[18]			30	$0.78 billion
2013[19]			32	$0.89 billion
2014[20]			30	$0.96 billion
2015[21]			19	$1.20 billion
2016[22]			24	$1.10 billion
2017[23][24][25]		$1.81 billion	20
2018[26]	26	$2.26 billion
2019[27][28]	35	$2.33 billion	18	$2.10 billion
2020[29]	34	$2.31 billion
2021[30]	46	$2.32 billion
2022	42	$2.60 billion
2023[31]	44	$2.60 billion

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