The fire appeared to have started on the roof of the Grade I and Grade II listed Victorian building which was previously know as the Old Walworth Town Hall.
The building contains the Cuming Museum – fortunately 500 items from various exhibits, including London Roman artifacts recovered from digs in Southwalk area and pieces on loan from the British Museum, have been recovered.
However, many of the museum’s treasures remain unaccounted for.
“No artifacts were removed from two of the galleries so we are just waiting to see, if and when we get back in, what might be in there,” said council leader Peter John.
“And there are also some items on loan from the British Museum and we don’t know the status of them either.”
Firefighters have yet to conclude how the blaze first began.
“It is one of the oldest buildings in the area. It’s a real shame as I think it will be very badly damaged,” dentist and local resident Abhishek Agarwal told BBC News.