R140 million was set aside for Bank of Lisbon demolition

The building was demolished on Sunday after a fire last September, which claimed the lives of three firemen.

The Bank of Lisbon building ahead of its demolition. Picture: Ahmed Kajee/EWN

JOHANNESBURG - The Gauteng Department of Infrastructure Development on Sunday said more than R100 million was budgeted for the Bank of Lisbon building's demolition.

The building was demolished on Sunday after a fire last September, which claimed the lives of three firemen.

A new building will be erected as part of an inner-city rejuvenation project which will see 17 other buildings being renovated.

WATCH: Lisbon falls in Johannesburg

The Gauteng infrastructure development portfolio said the demolition of the Bank of Lisbon building was a success and that clean-up operations would be completed by early next year.

At least R140 million was budgeted for the complete demolition project, with R90 million of that used for Sunday’s implosion. The final costs will only be determined when clean-up operations are completed.

MEC Tasneem Motara said: “To date, we have spent just [about] R90 million. We will know at the end of the process what the total is.”

The inner-city rejuvenation project will see the renovation of 17 other buildings with the area being names the Kopanong Precinct.

Proposals on the precinct have already begun.