The alarm was raised around 7 pm when staff at nearby bingo hall spotted the flames from the roof of Envy Nightclub on Strand Road.
Witnesses have reported hearing a series of “bangs” which is believed to have been caused by burning asbestos.
Crews from Northland Road and Crescent Link fire stations are currently at the scene.
The Fire and Rescue Service have tweeted: “LARGE FIRE ONGOING ON STRAND ROAD:
“Police are assisting NIFRS in dealing with a large fire on Strand Road.
“The road is closed between Lawrence Hill and Asylum Road.
“Drivers and pedestrians both are asked to avoid the area where possible.
“The expressway remains open at this time.”
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