Smoke from the fire – which involved the old Odeon cinema in Church Street – could be seen billowing from miles away at its height.
Twelve fire engines were called to the scene at approximately 6.45pm on Thursday.
The blaze follows a fire at St Joseph’s Orphanage and one at the former Odeon within hours of each other at the weekend.
A spokesperson for Lancashire Constabulary said there was no update at present in regards ongoing investigations.
Here’s a selection of our reader’s comments:
Janey Dee: “Hope the emergency services stay safe…”
Steph Wood: “Another big fire, in an old building in Preston within a week….”
Pauline Grace: “It's bit strange isn't it..”
Ray Lennon: “I worked there as a disc jockey from 1965-69 where I met my partner. It’s very sad what has happened. I can’t imagine why anyone would want to burn the building down.”
Michelle Louise Milnes: “Could see the smoke from Bolton on the M61.”
Sue Doherty: “Tokyo Jo’s memories gone up in smoke by idiots.”
Carl Lakeland: “Third fire in a week. Something clearly ain’t right.”
Sue Hoctor: “Hope surrounding properties are okay. Remember the cinema many years ago. Police need to get a grip of these losers.”
Ange Gray: “This is beyond disgusting and I hope someone is prosecuted for destroying history it's a beautiful building inside or was!”
Andi Wallis: “It's heartbreaking , it was a massive part of my youth.”
Sarah Stones-Shwob: “Gutted! Some fond memories in Tokes.”
Jason Fintec Finnerty: “Preston Town Centre is starting to look like a war zone! The fire service and other agencies are risking their lives to get this fire under control. A thorough police investigation needs to be carried out who is behind this.”