TeeJay:
Unless it's a very small old theatre, it sounds a little large for a club in your area. (not sure what your catchment area is)
There are a couple of Toronto area clubs located in suburban industrial units. I think the first club in bought a building back around 1960.

It's a theater within an industrial building , second floor , maybe used for business presentations or whatever ...not sure , building has been there 60 + years ......area is about 3000 square feet with two large offices attached .