The Israeli-controlled company that owns Camden market has there was only limited damage caused to the area after an “isolated” fire on Sunday night.

Around 70 firefighters tackled a huge blaze that tore through a building in London’s famous Camden Lock Market.

Emergency services were called to the popular tourist attraction shortly before midnight on Sunday after fire took hold in a property near the Camden Stables.

Onlookers described the fire “moving very fast”, raising fears of explosions if it reached nearby restaurants.

The London Fire Brigade (LFB) said it sent 10 fire engines, including an aerial appliance, to the incident, while witnesses described seeing “lots of ambulances” racing to the scene.

Crews from across central and north London fought to contain the blaze, which was “highly visible across the area”, for around three hours.

Market Tech, the major shareholder in Camden Lock Market, was founded by Israeli billionaire Teddy Sagy, who is also its majority shareholder.

In a statement, the company said: “An isolated fire broke out in a building adjacent to the market hall area of Camden Lock Market overnight which was brought quickly under control by the Emergency Services and we are now working closely with them to investigate the cause. Thankfully no one was injured during the incident. While a small section of Camden Lock market will be closed off to the public until further notice 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 today.”

Sagy’s company owns all four Camden markets after buying Camden Lock Market for between £70 and £90million in 2014. Sagi, is a gambling and property tycoon who has served time in jail for insider trading and briber.

LFB Station manager David Reid, who was at the scene, said: “Crews worked hard to get the fire under control and to stop it from spreading to neighbouring buildings.”

It is understood around 30% of the first, second, and third floors, and a third of the roof of the 30 by 40 metre building, was damaged by the fire, which was brought under control by around 2.50am.

It is the second time in recent years that the north London market has been hit by a serious blaze.

The area sees an estimated 28 million visitors a year, with crowds drawn to the area by the shopping, entertainment and nightlife on offer.