Reports indicate that the incident occurred at Monday, 25th April, 2011 in a place which many had called home but a place which had been declared a fire hazard several years ago.
No one was hurt in the fire, but some of the residents openly wept as they watched all their possessions go up in flames since nothing could be saved from the building.
The origin of the fire, which started around 2:00 p.m., has not yet been determined but it was said to have started in a room on the top floor.
Fire Chief Marlon Gentle said the two-storey wooden structure had been declared a fire hazard five years ago and was to be demolished along with 27 others in the city.
The Georgetown City Council was responsible for the demolition but it had not taken action despite several requests, reports indicate.
Some of the occupants told the local media they had been trying to find somewhere better to live before the fire but had been unsuccessful.
Nearby buildings, including one housing the local office of the Inter-American Development Bank and the home of the owner of the razed structure, were saved from major damage.
(Major portions of this article were incorporated from a Caribbean360 report)