Twelve fire engines and around 80 firefighters tackled the fire in Blackfen Road just after 1pm yesterday (July 22).
The ground and first floor, the roof of a shop with flats above, along with part of the roof of an adjacent building were alight.
The property’s first floor collapsed.
There are currently no reports of any injuries.
Station Commander Steve Howlett, who was at the scene, said: “This was a very visible fire which produced a significant amount of smoke in the area.
“We advised people who live and work in the vicinity to keep windows and doors closed.
“One of our new 32-metre turntable ladders was used as a water tower at the incident, to help tackle flames from height.
“Blackfen Road remains closed and some bus routes will continue to be affected.
“Please avoid the area while we work to make the scene safe.”
The fire was under control just before 4.40pm.
The cause of the blaze is under investigation.