Crews were called to the scene at the junction with the High Street at just gone 03:10.
2 appliances, an aerial ladder platform (ALP) and the Incident Command Unit are in attendance. An ambulance incident officer, paramedics and officers from the Isle of Wight Fire and Rescue Service are also on scene.
Bizarrely, the fire has broke out directly next door to the scene of a serious house fire last year.
Victoria Avenue and the High Street have been closed to traffic.
UPDATE @ 04:04 – It has been confirmed to Island Echo that a man has been rescued through a window by firefighters.
Firefighting efforts are well underway and an aerial appliance is being utilised.
Residents have been evacuated from their homes and are sheltering in the nearby Daish’s Hotel.
A total of 7 appliances from Newport, Ryde, Sandown, Shanklin and Ventnor are now in attendance, as well as 2 ALPs from Ryde and Newport.
UPDATE @ 04:25 – Crews wearing breathing apparatus are working to tackle the fire from the rear of the building, with an aerial appliance maintaining an overhead view of the fire ground from the front.
Pets are being taken to safety.
The Isle of Wight Council’s Emergency Planning officer is present at Victoria Avenue and is working with those affected by the incident.
A cordon has been established and roads remain closed.
UPDATE @ 05:03 – A second ALP is now being used to the rear of the building as crews continue to battle the blaze, which is not currently under control.
Southern Gas Networks and Southern and Scottish Electricity Networks are now both on the fire ground and working to isolate supplies.
The cause remains unclear at this moment in time.
UPDATE @ 06:04 – Jeff Walls, Incident Commander for the Isle of Wight Fire and Rescue Service has confirmed that the fire is now under control and that crews are working in 3 sectors.
Entry has been forced to a ground floor shop to prevent the fire spreading.
A total of 7 people have been evacuated from the building, with 1 having been hospitalised.
The cause of the blaze remains unclear, however a fire investigation team are expected to be on scene at around 09:00.
Meanwhile, Southern Vectis say Route 2 and 3 buses will be diverting via St John’s Road and Brook Road in both directions until further notice.
UPDATE @ 09:30 – The Isle of Wight Fire and Rescue Service has now withdrawn from the incident, for the exception of 1 appliance from Bembridge which remains on scene.
A fire investigation team is about to start probing the cause of the fire.
Roads surrounding the incident have now reopened according to Island Roads.