Police say it was reported that a man was approached by two males as he walked in the area at around 10.30 pm on Friday night.
He was led to an alleyway by the males where several other hooded males were waiting.
The man was then held down and struck with a pick axe handle causing a number of fractures to his arm.
Detective Constable Paddy Conlan has appealed to anyone who was in the London Road area on Friday night and who may have noticed any suspicious activity, or anyone with any information which could assist with the police investigation, to contact detectives at Musgrave on 101 quoting reference number 1315 12/05/18.
Alternatively, information can also be provided to the independent charity Crimestoppers on 0800 555 111 which is 100% anonymous and gives people the power to speak up and stop crime.