Iris Lustig Moar Sells Albert Road Office Building For Around $20 Million

Ms Lustig-Moar (below), the only daughter of property magnate Ted Lustig, is believed to have pocketed about $20 million for the 22 Albert Road office building, near the corner of St Kilda Road and overlooking the Shrine of Remembrance.

The building, and the two either side of it, were developed by Mr Lustig in the late 1960s.

He sold No. 18 and No. 24 Albert Road but retained No. 22 as a commercial office investment. Measuring just over 6000 sq m, the fully leased building is believed to have sold on a yield of 7.75%.

Following Mr Lustig’s death in 2003, Ms Lustig-Moar inherited the office building and several other property assets. The most famous property in the portfolio was the Heyington Place mansion Mr Lustig occupied with his second wife, Heather, which Ms Lustig-Moar reclaimed and sold soon after his death for $10.1 million.

Mr Lustig founded prestige property developer Lustig & Moar with his then son-in-law, Max Moar. Among his most famous developments are the Park Hyatt in East Melbourne and the Grand Hyatt on Collins Street.

Though Ms Lustig-Moar and Mr Moar separated, they retain control of the $350 million property development company, which is building the Lucient complex building on St Kilda Road.

Ms Lustig-Moar, who was overseas and could not be contacted, will occupy the $8.3 million penthouse of this development.

Lemon Baxter managing director Chris Curtain confirmed he sold the office building, but declined to elaborate on the price or the buyer.

Mr Curtain said the fully leased building attracted strong interest because of its location and redevelopment potential.

Share or Recommend article

Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

Leave a Reply

Your email address will not be published.