UPDATE 2.20pm: Police have advised that the cost of the fire may total more than $1 million.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
A cause is not yet known, with investigators from Tasmania Police forensic services and the Tasmania Fire Service attending the scene today.
UPDATE 11.20am: A woman was lucky to escape a fire last night that destroyed a major service building on King Island's main street.
The building on Edward Street contained the island's only chemist, the newsagent, a coffee shop, and an upstairs apartment.
Smoke and flames were billowing from the roof when volunteer fire crews from Currie and Naracoopa arrived at the scene at about 3.30am.
The King Island Hotel is about 200 metres down the street.
Pub owner John Smith said he woke to loud bangs
''I could hear popping glass and things breaking and thought that somebody must have been out in the street causing some damage so I grabbed my gear and ran out,'' Mr Smith said.
''I saw flames ... it was well and truly alight.''
King Island mayor Duncan McFie said he had been in contact with the local hospital to sort out the issue of pharmaceuticals.
''They have a supply but it is not going to last long,'' Mr McFie said.
''We are all just thankful there was no life lost and no injury. That is forefront of all of our minds.
''Full kudos to our SES and Fire Service. They are all volunteers and man oh man the work they have done for our community is just fantastic.''
The incident has devastated the local community who took to social media to share their anguish.
Fire investigators are heading to the island this morning to determine the cause of the fire.
EARLIER: KING Island lost its only pharmacy last night when it was completely destroyed by fire.
Tasmania Fire Service received a call about 3.30am from a member of the public.
The building on Edward Street was well alight and smoking from the roof when crews from Currie and Naracoopa arrived on the scene.
Fire investigators are flying to the island this morning to determine the cause of the blaze.
More details to come.