Alan Joyce, the departing CEO of Qantas, has opted for a luxurious retirement, choosing to reside in a $20 million-plus apartment in The Rocks, Sydney.
The apartment offers breathtaking views of iconic landmarks, including the Sydney Harbour Bridge and the Sydney Opera House.
Initially, Joyce, who has led Qantas since 2008, intended to retire in an opulent waterfront home in Mosman, one of Sydney’s most affluent suburbs.
Purchased for $19 million last March, the four-bedroom residence underwent extensive renovations, led by Seattle-based architect Paul Moon and local firm Levine Vokaberg. However, Joyce and his husband Shane Lloyd reversed their decision and recently sold the Mosman property for just under $21 million, according to realestate.com.au.
Explaining the change, Joyce said they had the opportunity to acquire an adjacent apartment in their current The Rocks building.
“This meant we wouldn’t be moving to Mosman,” he stated.
The couple reportedly spent around $9 million to buy their neighbour’s 223sq m, three-bedroom apartment earlier this year.
Plans are underway to combine the apartments into a six-bedroom, en-suite residence to accommodate family visiting from abroad.
The couple had also experienced a random attack on the Mosman property last year, involving eggs and toilet paper, which may have influenced their decision to stay put.
Their existing The Rocks apartment was purchased for $4.575 million in 2008, the year Joyce assumed leadership at Qantas.
Its value has likely doubled since then, and experts believe that merging the two apartments will further escalate its worth.
In addition to his Sydney properties, Joyce also owns a weekend home in Palm Beach, bought for $5.25 million in 2015, according to realestate.com.au.
While the announcement of Joyce’s exit from Qantas came suddenly, he had been planning his departure for some time.