A huge fire ripped through Camden Lock Market in the early hours of Monday morning after a fire took hold in a property near Camden Stables.
As many as 70 firefighters and 10 fire engines were sent to the London borough shortly after 12am to battle the flames as the fire became "highly visible across the area".
Police confirmed they first received calls about the fire at around 12.10am, after which the flames reportedly spread rapidly before it was brought under control by around 2.50am.
Witness Joan Ribes, 24, said the fire was "moving very fast" at the start, making bystanders fearful that the building "could explode".
She said: "The fire was flying through the air to the surrounding areas.The fire was moving very fast. People were watching, but we were scared the building could explode at any time since there are restaurants with kitchens nearby."
Social media users described the blaze on Twitter as "massive" and said there were "crazy crazy scenes" as flames and smoke rose into the sky above the popular tourist spot.
It has been reported that around 30% of the first, second, and third floors, of the building that was engulfed by the fire was damaged in the blaze.
London Ambulance Service was also called to the blaze but said it had not treated any patients.
Firefighters brought the blaze under control at around 3.20am on Monday morning but will remain at the scene dampening down.
The cause of the fire is under investigation.
In 2008 the Camden Canal Market was destroyed by an inferno that wrecked several local landmarks and put the waterside market out of action for 15 months.
A spokeswoman for Market Tech, the major shareholder in Camden Lock Market, said the fire was "isolated" to one building.
She also said just a small section of Camden Lock Market will remain closed to the public as a precaution.
"The rest of Camden Lock Market and the wider area, including Stables Market and Union Street, will be fully open and operating and welcoming visitors and customers as usual," she said.