Valhöll sold, but the future is uncertain

Alva Capital and the Independence Party have signed a purchase agreement for the property at Háaleitisbraut 1, better known as Valhöll. At present, a final decision on what kind of activities will be conducted in Valhöll has not yet been made.

This is stated in a press release from Alva Capital, following reports last week that negotiations for the purchase were in their final stages.

A house with considerable heritage

The statement says that for decades the building has been one of the city’s most well-known landmarks and has long been known as the headquarters of the Independence Party. Valhöll is a building with considerable heritage and a strong presence in the cityscape. With the arrival of Alva Capital, a new chapter begins in the building’s history, with emphasis placed on respecting its history and unique character.

“We view Valhöll as a unique building with a rich cultural heritage in the country’s history. It is important to us to safeguard and respect the building and preserve the image it has developed over time,” said Skorri Rafn Rafnsson, CEO and owner of Alva Capital.

It will be revealed what will be in the building

In the coming months, Alva Capital will work on developing new activities in the building. The aim is to transform its role so that it becomes a vibrant part of its surrounding environment.

“This is an exciting and challenging project. We see this as a long-term investment, and it will be an exciting task to breathe new life into Valhöll without disturbing the historical and cultural foundation on which the building stands. A final decision on what activities will take place in Valhöll in the future has not yet been made at this stage, but we will present it once a conclusion has been reached, which should be in the near future,” Skorri Rafn is quoted as saying.

As reported last week, the city’s planning officer has responded positively to an inquiry from Alva Fasteignir ehf., a subsidiary of Alva Capital, regarding the possibility of operating a hotel in Valhöll. However, the construction of an additional floor on top of the building was ruled out.

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