Maurice Alter

Maurice Alter
Born	Template:Birth date Szedliszcz, Poland
Died	April 13, 2018(2018-04-13) (aged 93)
Occupation(s)	Entrepreneur, property developer, art collector, philanthropist
Known for	Founder of Pacific Group of Companies, managing director of Hanover Holdings (1969–1979)

Moses "Maurice" Alter (30 March 1925 – 13 April 2018) was a distinguished Australian entrepreneur in property development, an avid art collector, and a committed philanthropist. He held board positions at numerous leading companies and established the Pacific Group of Companies. Between 1969 and 1979, Alter served as managing director of the Hanover Holdings real estate enterprise.

Biography

Alter was born in March 1925 in Szedliszcz, located in eastern Poland, to parents Brachell and Joseph Alter. His education took place across Russia and Germany until, at age 13, he was captured and interned in a German POW camp. Arriving in Australia as a displaced person in early 1949, he was the only surviving member of his family.

Beginning his career as an electrical engineer, Alter ventured into real estate investment by acquiring two shops and a bank in Melbourne’s Kew during the mid-1950s. Around this period, he married Hinda "Helen" Rubinstein, with whom he shared a passion for music and together they amassed a significant collection of contemporary art, including Brett Whiteley’s portrait of Charles Baudelaire. The couple also became Australian citizens.

By 1967, Alter had formed a partnership with developers George Herscu and Paul Fayman, both sharing Jewish-European heritage. In 1969, they orchestrated the acquisition of a publicly listed company which became Hanover Holdings, focusing on the development of shopping centres, investment ventures, entertainment facilities, produce wholesaling, as well as office and residential projects. The real estate boom in the early 1970s greatly enhanced Hanover’s growth and solidified Alter’s financial standing.

Net worth

Prior to his death, Alter was consistently ranked among the top ten individuals featured on every Financial Review Rich List since its launch in 1984.

Real estate career

Alter’s entry into property development began with purchasing two retail shops and a bank branch situated in Melbourne's inner suburb of Kew. By the late 1950s, he had teamed up with Romanian-born developer George Herscu to develop retail properties. In 1963, they allied with Paul Fayman to successfully complete a project at Forest Hill that officially opened in 1964.

In 1969, the partnership between Alter, Fayman, and Herscu took control of a publicly traded finance company which they transformed into the property and investment entity known as Hanover Holdings. Hanover became well-known for its large-scale shopping centres and mixed-use developments during the property market surge of the early 1970s. Prominent assets included Vermont South Shopping Centre (1974), Dandenong Hub Arcade, and Balmoral Shopping Centre located in Frankston (1973).

Following Hanover’s dissolution in the late 1970s, Alter maintained joint ownership with Fayman before acquiring full ownership in 1983. In 1979, he consolidated his assets under the Pacific Group name—a family-controlled business primarily operating within Victoria and South Australia.

Several of Alter’s shopping centre projects featured anchor tenants such as Coles and Target. Among his notable developments were the $32 million Centrepoint Mall on Melbourne’s Bourke Street (1979), created through a joint venture with Fayman; Prahran Central Shopping Centre developed alongside John Gandel; and Flinders Fair Shopping Centre on Flinders Street.

Additional key Pacific Group properties include Pacific Werribee in Hoppers Crossing (1985), Pacific Epping (1995), Wodonga Plaza (1988), Sunshine Plaza (1983), as well as the Myer complex in Albury. Alter also spearheaded the redevelopment of Forest Hill Chase during 1989/90.

In 1984, approval from the Victorian Labor Government allowed construction on commercial premises situated on Glen Iris land owned by Alter. This building became Coles-Myer’s headquarters, generating annual rental income of $11 million and significantly increasing the land’s value.

Net worth

Year	Financial Review Rich List		Forbes Australia's 50 Richest
	Position	Net worth (A$)	Position	Net worth (US$)
2011			Template:Nts Decrease	$0.70 billion Template:Gain
2012			Template:Nts Template:Gain	$0.78 billion Template:Gain
2013			Template:Nts Decrease	$0.89 billion Template:Gain
2014			Template:Nts Template:Gain	$0.96 billion Template:Gain
2015			Template:Nts Template:Gain	$1.20 billion Template:Gain
2016			Template:Nts Decrease	$1.10 billion Decrease
2017		$1.81 billion	Template:Nts Template:Gain
2018	Template:Nts Template:Gain	$2.26 billion Template:Gain
2019	Template:Nts Decrease	$2.33 billion Template:Gain	Template:Nts Template:Gain	$2.10 billion Template:Gain
2020	Template:Nts Template:Gain	$2.31 billion Decrease
2021	Template:Nts Decrease	$2.32 billion Increase

Remained unchanged compared to prior yearIncreased relative to previous yearDecreased from the prior year

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