Ex-Qantas boss Alan Joyce splashes his $21million pay-out on a spectacular facelift for his breathtaking harbourside home
Former Qantas boss Alan Joyce is using part of his $21 million golden handshake to upgrade his Sydney Harbor home as he retires.
Joyce, 57, resigned abruptly last year to allow the airline to “proceed with the renewal” after a series of controversies sent the flying kangaroo’s brand reputation into a nosedive.
Joyce and his husband Shane Lloyd have now submitted plans to the City of Sydney to convert two luxury apartments they own in the iconic The Cove building in The Rocks into a mega-apartment occupying the entire 42nd floor of the 43-storey tower covers.
The construction work, which cost $2.87 million and was drawn up by Cox Architecture, will see the wall between the two three-bedroom apartments removed to form one five-bedroom unit with a floor area of 450 square meters.
The super unit in the Harry Seidler-designed building at 129 Harrington St will also have a balcony area of 100 sq m, allowing for breathtaking views over the harbour.
Former Qantas CEO Alan Joyce will upgrade his luxury front unit in Sydney Harbor (picture is the view from the balcony)
Mr Joyce and his husband Shane Lloyd seen at an awards ceremony in Sydney in 2017
They will combine two apartments they own in The Cove building in The Rocks into one super unit measuring 450 square meters.
Joyce and Mr. Lloyd purchased unit 4201 in the building in 2008 for $4.575 million and have called it home ever since.
In 2022, the couple purchased a spectacular arts and crafts-style Mosman waterfront home for $19 million, which they had planned to move into, but changed course when the second apartment on their floor in The Cove came on the market.
“We unexpectedly had the opportunity to secure the other apartment on the half floor where we currently live,” Joyce said last year.
They bought apartment 4202 in The Cove for $9.25 million and sold the Mosman property for just under $21 million in mid-2023 without ever living there.
“We certainly wish the next owners of 12 Musgrave St all the best in this beautiful home,” Joyce said.
They own the entire 42nd floor of the 43-story The Cove building (pictured)
They only recently purchased the second half-floor apartment for just under $10 million
The couple also owns a resort in Palm Beach overlooking Whale Beach, which they bought in 2015 for $5.25 million.
Joyce briefly visited his native Ireland to care for his ailing mother when he resigned from Qantas, but returned to Australia earlier this year.
He was supposed to lead an investigation into the government’s decision to block extra Qatar Airways flights to Australia, but he was no longer needed when the Greens and crossbenchers joined forces with Labor to call it off.
During his 15 years at the helm of Qantas, Joyce reportedly earned $125 million, including $28 million in bonuses.
Joyce sold his Mosman mansion for just under $21 million, having never lived there
The arts and crafts style home also offers views over Sydney Harbour
The airline has been hit by controversies on ‘several fronts’ in recent years.
The corporate regulator claimed it had sold more than 8,000 tickets to customers on already canceled flights, while a court ruled it had illegally dismissed 1,700 ground staff during the Covid pandemic.
The company also refused to give back the billions it saved in government subsidies during the pandemic, despite making a record profit of $2.47 billion last year.
Qantas is now led by Vanessa Hudson, the airline’s former chief financial officer.
The couple also own a holiday home in Palm Beach (pictured)