150 firefighters spent four hours trying to bring a blaze at the former Gala Bingo Hall and Regal Cinema under control on Sunday.
There were no reported injuries and an investigation is being carried out by London Fire Brigade and the Met Police.
The building is said to have suffered extensive fire damage.
The property is owned by an overseas investor but property development company Jericho Estates had been looking at options on the site for its redevelopment.
They say work at the site prior to the fire had been suspended while the owner considered the cost of another planning application.
Jericho Estates also says the cost of securing the site against “constant, dangerous intrusions by young people” was a factor.
Picture Credit: LFB