A family-run boating business that has served Tasmania’s fishing and boating community for more than 40 years has been totally destroyed by fire, with damage estimated at more than $5 million.

Launceston’s Tamar Marine on West Tamar Road in Riverside was engulfed by flames shortly after midnight on Wednesday.

Neighbouring business Allmasts Australia and an adjoining slipway warehouse were also destroyed.

Thirty firefighters rushed to the scene after multiple triple-zero calls were received from 12:02am.

Flames consumed the building as emergency crews raced to the scene. Image / Tasmania Police

They arrived within three minutes to find a large portion of the store on fire with flames coming from the second storey.

District officer Rick Mahnken said the building was totally ablaze on arrival.

Flames consumed the building as emergency crews raced to the scene. Image / Tasmania Police & Joanne Beswick

“Due to the complex nature of the fuels, the flames were intense,” he said.

“They would have been very visible on the West Tamar here and for the surrounding houses.”

Crews from Launceston, Prospect, Ravenswood, Rocherlea and Legana battled the blaze for approximately two hours but were hampered by extremely low availability of mains water at the scene.

Firefighters were forced to pump water directly from the Tamar River and access a hydrant across the highway, closing both lanes of West Tamar Road.

Smoke from the fire rises over Launceston. Image / Andrew Jenour

“This fire, due to the complex nature of fuels, required copious amounts of water,” Mahnken said.

The fire service said an excavator will be needed to fully extinguish the fire, with smoke expected to continue rising from the site until around midday.

Mahnken said it was fortunate neighbouring homes were saved.

“Very lucky considering the nature of the blaze, the intensity of the radiant heat,” he said.

Walkways at the rear of the property suffered minor damage from radiant heat. No injuries were reported.

West Tamar Road between Margaret Street and Forest Road was closed for approximately four hours while emergency services worked the scene. All roads had reopened by 4am.

The family-run boating business has operated in Launceston for over 40 years. Image / File

Established in 1979, Tamar Marine has operated as a locally owned family business for more than four decades, specialising in fishing, boating and marine equipment.

Mahnken said the loss would be devastating for the owners. “It’s an iconic building,” he said.

“Anyone that’s been in this building, you just get amazed with how much gear is in there. And it’s really sad to see that it’s no longer there.”

Tasmania Police and the Tasmania Fire Service are jointly investigating the cause.

Fire investigators began examining the scene on Thursday morning and have confirmed the damage bill is expected to be over $5 million.

Mahnken declined to say whether the fire was being treated as suspicious.

“We’ve got our regional fire investigator here trying their very best to classify the fire, whether that be accidental, deliberate, unknown,” he said.

The Environment Protection Authority is working with crews to prevent contaminated runoff entering the Tamar River.

A smoke alert remains in place, though testing has confirmed the smoke poses no health risk.

Police have urged anyone with information to come forward.