Officers were called to the scene after the discovery of a suspicious object around 11.30am on Wednesday morning.
A number of residents were then evacuated from their properties for a number of hours while the object was examined by Army Technical Officers who subsequently made it safe.
It has now been taken away for further forensic examination and residents allowed to return to their homes.
Detective Sergeant Stephen Gardiner said: “Police would like to thank the local community for their patience while we worked to keep them safe.
“The device we have recovered here today had the potential to kill or maim.
“I would appeal to anyone who noticed any suspicious activity in the area recently or anyone with any information that could help our investigation to contact detectives on 101, quoting reference number 438 07/11/18.
“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.”