B5 (Permanently Closed)

For the better part of two decades, B5 was one of the defining venues on Reykjavik's nightlife map. Named after its address on Bankastraeti 5 -- one of downtown Reykjavik's most prominent streets -- it was the kind of place where Reykjavik dressed up, turned up, and stayed out late. In May 2024, the lights went out for the last time.

What It Was

B5 occupied a handsome former bank building on Bankastraeti, Reykjavik's main shopping street. The interior was a deliberate contrast to the stripped-back aesthetic of most Icelandic bars: think Miami rather than Scandi-minimalism. Deep pink lighting, oversized Philippe Starck lampshades, large leather sofas, and an atmosphere that made no apologies for being glamorous.

During the day, B5 operated as a bar-bistro serving light Scandinavian cuisine with an extensive drinks menu. As evening turned to night, particularly on Fridays and Saturdays, the venue transformed into a full-blown nightclub with a strictly enforced dress code. Two VIP lounges -- an unusual feature for Reykjavik -- catered to those who wanted a slightly more exclusive experience.

The standout feature was the Whiskey Room, tucked away in the building's original bank vault. Drinking single malt behind a steel door that once protected cash deposits was the kind of novelty that B5 traded in: a touch of theatrical extravagance in a city that generally favours understatement.

The Closure

B5's closure in May 2024 was announced by owner Sverrir Einar Eiriksson via social media. The decision came as he chose to focus on his other venue, Exit. The news was received with a degree of nostalgia, though Reykjavik's nightlife scene is famously resilient, with new venues regularly filling the gaps left by those that close.

The Building's History

Bankastraeti 5 has been a prominent address in Reykjavik long before B5 arrived. The building's banking heritage gave the venue much of its character, from the vault-turned-whiskey-room to the grand proportions of the main space. Whatever occupies the address next will inherit a prime piece of Reykjavik real estate on one of the city's most walkable streets.

Reykjavik Nightlife Now

The closure of B5 has not left a void in Reykjavik's nightlife scene. The city's bar culture thrives on constant reinvention. For a similar upscale vibe, check what is currently operating along Bankastraeti and the surrounding streets. For a more quintessentially Reykjavik night out, the bars along Laugavegur and Hverfisgata remain the backbone of the city's celebrated weekend party culture.