City Executive Council approves sale of Ísaksskóli property
The City Executive Council has approved the sale of Ísaksskóli's properties at Bólstaðarhlíð in Reykjavík to the independent foundation Skóli Ísaks Jónssonar. Through this sale, the foundation regains ownership of the property it has operated from for many years.
The purchase price totals 456.8 million ISK, based on the original 2011 figure and adjusted for the building cost index. This price also reflects an appraisal of a portable classroom and extensive maintenance work funded by Reykjavík City in recent years.
Property returns to school ownership
The sale stems from a 2011 agreement when Reykjavík City bought the property from the independent foundation. That contract included a 15-year provision allowing the school to repurchase the facility once its finances allowed. The foundation simultaneously signed a lease and has rented the site from the City ever since. Upon signing the new purchase agreement, existing leases for the school building and portable classroom will terminate.
The purchase agreement grants Reykjavík City a right of first refusal, allowing the City to step in and acquire the property on identical terms if the school ever sells the building to an external party. This right does not apply to ownership transfers involving affiliated companies or legal entities under the school's control — it strictly covers sales to an external party.
Find more information in the City Executive Council minutes.