Tetrairon(III) complexes known as "ferric stars" have been functionalized with azobenzene groups to investigate the effect of light-induced trans-cis isomerization on single-molecule magnet (SMM) behaviour. According to DC magnetic data and EPR spectroscopy, clusters dispersed in polystyrene (4% w/w) exhibit the same spin (S = 5) and magnetic anisotropy as bulk samples. Ligand photoisomerization, achieved by irradiation at 365 nm, has no detectable influence on static magnetic properties. However, it induces a small but significant acceleration of magnetic relaxation as probed by AC susceptometry. The pristine behaviour can be almost quantitatively recovered by irradiation with white light. Our studies demonstrate that magnetic and optical bistability can be made to coexist in SMM materials, which are of current interest in molecular spintronics.