• Number of buildings: 7
• Total size: 23,350 m2
• Number of apartments: 76
• Service and retail: 8,000 m2
• Office space: 6,400 m2
• Parking: Below ground in an expansive car park, connecting to Harpa
• Project completion: estimated in 2018
The harbour area in Reykjavík, Iceland, is now the site for one of the largest construction projects that have been undertaken in the city centre to this day. Known as “Hafnartorg”, or “Harbour Square”, the project connects the old centre to the new cultural structure Harpa and blurs the lines between old and new Reykjavík. Moreover, the project, centred on seven distinct buildings, creates a public space that stimulates movement through the area, carried over from adjacent areas. A mix of shops, cafés, and restaurants, alongside residential apartments and modern office spaces, the Harbour Square project meets the need for office, retail, and living spaces in the popular downtown Reykjavík area.
The result is a harmonised area that merges almost seamlessly into both the old town and new harbour area while holding the colourful tradition of Reykjavík in high regard. It is a welcome addition to a growing city.
ABOUT ÞG VERK
ÞG Verk Ltd. has been involved in various major projects in Iceland, including residential, office, and retail, for a number of years. Having an established presence on the Icelandic market is an important element in carrying out successful projects and has helped us secure partnerships with key players in Iceland. One of Iceland’s leading banks is among our partners, and the project is fully funded.
Reykjavík Development Inc. bought the land in question in 2013 and ÞG Verk bought the complete project early summer 2016 when we foresaw a need in the market for a well-organised area in downtown Reykjavík that could offer demanding buyers what they need when it comes to accessibility, luxury, exclusivity, and design philosophy.
Various factors have shaped the project in their own way. Firstly, the need for both retail and residential space in Reykjavík’s popular city centre is a crucial factor. Secondly, honouring history and preserving remnants of times gone by played a role in the process. To this effect, the buildings merge into the existing city pattern and connect to the harbour, which is but a stone’s throw away.
Ground floor spaces are dedicated to retail and service, whereas upper floors are reserved for high-end residential apartments and office spaces. Green rooftop gardens will be accessible to all residents, essentially forming a secret haven amidst the colourful Reykjavík rooftops.
Essentially, the project creates a multifunctional space and merges work life, family life, and recreation alongside supporting current activity in the vibrant and colourful city centre.
The leading architecture studio on the project is PK Arkitektar, who have worked on the Imagine Peace Tower by Yoko Ono and the Icelandic Embassy in Berlin, to name just two examples.
The Harbour Square complex will include 76 luxurious apartments of various sizes: stylish studios and panoramic penthouses, to name a few. The well-thought-out interiors are a mark of how well the project is executed, and the state-of-the-art appliances, quality fittings and fixtures, and the convenient location close to culture, history, and commerce, mean that property owners will be immersed in Reykjavík with a luxurious twist, on the doorstep of true Icelandic spirit.
Downtown Reykjavík is ever popular among Reykjavík’s artists, politicians, entrepreneurs, and the city’s movers and shakers, and is the country’s cultural epicentre. With easy access to some of Iceland’s best shops, fashion boutiques, and world-class restaurants, having a pied-à-terre in the city’s beating heart is an attractive, attainable goal.
OUR OFFICE SPACES ARE IDEAL FOR:
• Law firms
• Asset management firms
• Consulting firms
• Private banking
• PR firms
• Design studios
• And other operations
One of the largest facilities management companies in Iceland, Reginn, has already bought all ground floor retail spaces. Reginn currently manages Iceland’s largest shopping centre, Smáralind, and their confidence in being able to lease out commercial spaces to attract brands means that the Harbour Square area already promises to become one of Iceland’s premium retail areas with a strong inter- national pull.
Moreover, the office spaces, at 6,400 m2 across two buildings, are an ideal fit for stable and growing Icelandic and international companies, which will be able to set up offices in a secure, interesting and versatile environment in the very heart of Reykjavík.
Iceland is a partner to the EEA Agreement, and the legal environment is in many ways similar to that within the EU. Economically, Iceland is a stable market, and the estimated annual growth is around 3%. This prospect is not least because of the growing tourism industry that has become one of Iceland’s main industries over the last few years, by and large, thanks to good transportation options in and out of the country, a combined nation-wide effort to promote Iceland, and the hallmark natural wonders. As a result of this growing sector, a record number of airlines now fly in and out of Iceland’s Keflavík International Airport. With more and more travellers choosing to spend time in Iceland, the city is adapting to cater to different tastes, requirements, and interests, while emphasising the hospitality for which Icelanders are known.
THE ICELANDIC HOUSING MARKET
According to Statistics Iceland, real estate market value has been rising steadily for the past decade, which is reflected both in property value and the fact that real estate owners make up over 60% of the market. In downtown Reykjavík, real estate is in high demand, and units in 101 Reykjavík, the capital’s centre, are historically among the most valuable properties in Iceland. At present, nothing indicates that this will change. The trend over the past five years indicates that market value will continue to rise while predicted annual growth in Iceland is about 3% per annum.
Also, travel accommodation in Iceland is in record demand, meaning that conveniently located pied-à-terre apartments can easily become attractive options for highend travellers looking for premium places and luxurious comforts.
Finally, having your own place in Iceland means you can come for a spur-of-the-moment visit to a place that already feels like home, with all the modern comforts you have come to expect.