PHOTOS: Qantas CEO Alan Joyce's new $5 million beachside pad

Photo: Domain

Qantas CEO Alan Joyce has snapped up a $5 million beachside holiday home in Sydney’s Palm Beach just ahead of Christmas.

The luxurious 57 Bynya Road residence underwent renovations in 2009 and was turned into a designer home with five bedrooms and five bathrooms as well as a cliff-top swimming pool overlooking Whale Beach.

Domain reports that the property was sold by HSBC Asia Pacific’s head of equities, Rakesh Patel after being on the market for 12 months.

Earlier this year, it was revealed that Joyce was one of Australia’s highest paid bosses after pocketing $12 million following the $3 billion turnaround of national airline carrier, Qantas. It was the most successful turnaround in Australia’s corporate history and saw his salary triple with the help of share price growth and cash bonuses.

Here’s a look at the multi-million dollar home, courtesy of Domain.com.au.

The exclusive residence in Palm Beach, situated just 40km north of Sydney CBD, was sold by private treaty last month to Qantas CEO, Alan Joyce.

Photo: Domain

The property last traded in 2005 where it was bought by HSBC Asia Pacific’s head of equities, Rakesh Patel, for $2.5 million.

Photo: Domain

The luxurious residence spans across 1000sqm and is only 24 months old after being transformed by local architects Gartner Trovato into a designer residence.

Photo: Domain

The contemporary beachside pad features five bedrooms, five bathrooms, an open plan lounge, double lock-up garage as well as landscaped gardens.

Photo: Domain

Four of the five bedrooms include private ensuites with the master suite featuring its own walk-in-wardrobe, study and a private terrace which opens out to two outdoor living areas.

Photo: Domain

The prestigious beach house was reportedly bought as a weekender and offers the ideal place for entertainment with huge sun terraces as well as its own lap pool perched on a cliff's edge.

Photo: Domain

It even has 180 degree panoramic views of Cape Three Points and Whale Beach.

Photo: Domain

It is understood that the property was bought for Joyce and his partner, Shane Lloyd. They currently live in an apartment in Sydney's city centre, The Rocks.

Photo: Domain

The northern beachside suburb of Palm Beach has long been a hotspot for holidaymakers attracting the likes of celebrities such as Nicole Kidman and Mick Jagger.

Photo: Domain

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