The street has been closed and a number of houses evacuated whilst a suspicious object is examined.
Detective Chief Inspector Richard Campbell said: “Detectives from PSNI’s Serious Crime Branch are investigating the circumstances surrounding the discovery of a viable explosive type device.
"At this stage police believe that this could have been an under car booby trap which was designed to kill or maim.
“ATO carried out a controlled explosion and the device has been taken away for further forensic examination.
“I utterly condemn this incident. Those responsible have no qualms about putting people’s lives at risk and causing disruption to the community. There is no doubt that this device had the potential to cause serious injury or death.
“I would appeal to anyone who has information in relation to this incident to contact Police on the non-emergency number 101. Or, if someone would prefer to provide information without giving their details they can contact the independent charity Crimestoppers and speak to them anonymously on 0800 555 111.”