That's it for the press conference, thanks for joining me, and we'll now wrap up the live coverage.

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- Nathan M 

Thanks for the question, yes that is correct. 

Police said a number of people were sleeping rough in the building the previous evening, and that has been confirmed right now at the press conference.

They have spoken to 13 of those that were using the building as shelter, but believe all are accounted for and sleeping somewhere else.

A co-ordinated effort begun last night to evacuate local residents in nearby buildings. 

Fire and Rescue NSW Acting Commissioner Jeremy Fewtrell said medication and pets were also saved.

"We even had one lady who was due to have a wedding in Hobart, or in Tasmanian, and firefighters were able to go and retrieve her wedding dress," he said. 

"That's a very happy bride, I would imagine."

Fire and Rescue NSW Acting Commissioner Jeremy Fewtrell described it as a "once-in-a-decade type of fire".

He said for all the firefighters who attended it was a "really defining point," in their careers.

"The one thing I can guarantee at the end of their careers, this is one of the highlights they will reflect upon." 

Fire and Rescue NSW Acting Commissioner Jeremy Fewtrell said crews battled the fire well into the evening. 

Damage to two buildings had resulted in "significant structural collapse," he said, while smouldering fire continued to burn.

"(It is) quite difficult to extinguish the remaining pockets of fire due to debris," he said. 

The situation is however, considered stable, but has been sectioned off for safety. 

Our reporter Harriet Tatham is on the scene and has taken some images this morning.

Up to 15 people were sleeping rough inside the heritage-listed apartment the night before, but police believe they are all accounted for and safe.

NSW Police Acting Assistant Commissioner Paul Dunstan confirmed at least two young people were "inside the building," before the blaze erupted. 

"They are currently assisting us with our inquiries at this point," he said. 

NSW Police Acting Assistant Commissioner Paul Dunstan said one of the teenagers handed themselves in at Paddington, while the other was in Kings Cross.

He said he believed all teenagers were of a similar age.

"We ask them to come forward with their parents, and put their side of the story."

The policeman said there were no known injuries or burns to the young people involved.

NSW Police Acting Assistant Commissioner Paul Dunstan said a group of young people were seen running from the blaze.

He said the two 13-year-olds handed themselves into two separate police stations last night, and are assisting with their inquiries.

Police are aware of three or four other young people who were present, and Acting Assistant Commissioner Dunstan asked for them to come forward.