Landsvirkjun proposes purchase of Toppstöðin building in Elliðaárdal for 725 million ISK

Landsvirkjun, Iceland’s national power company, has proposed to purchase the Toppstöðin building located in Elliðaárdal for 725 million ISK. The plan includes transforming the building into the company’s new headquarters and restoring its original design.

The Toppstöðin has been largely unused for many years. It once served as an oil and coal-fired power plant between 1948 and 1981, catering to significant energy demands in the area. The building’s name reflects its historic purpose.

Reykjavík City, the owner of the property, had previously listed the Toppstöðin for sale after considering its demolition due to its current dilapidated state and asbestos contamination. However, the city decided against demolishing the structure, acknowledging its potential for redevelopment. City officials are keen to ensure that any future projects align with the character of the site.

Landsvirkjun has been seeking a new headquarters since its original location at Háaleitisbraut was vacated due to a mold issue identified last year. Currently, the company operates in leased offices at Katrínartún while exploring options for relocation or construction.

The proposed 725 million ISK offer includes the purchase of the Toppstöðin building and its parking lot, alongside anticipated road development fees. The revitalization plan aims to bring the building closer to its historic appearance from 1948 while respecting its architectural heritage.

If the purchase proceeds, Landsvirkjun intends to modernize the existing structure while keeping its historical charm intact.