The Movie Palace on Concession Street has new owners and a new lease on life.
While it will still be a creative centre, it will no longer show films.
Christina Hampson and Jeremy Major plan to turn the theatre into a professional arts centre.
Part of it will be for The Shooting Eye, a TV and film production company.
The other part will house Freedom Studios which specializes in dance, film acting and photography.
The duo is contemplating some sort of Vaudeville style shows at the theatre and if all goes well, they could stage a variety show before Christmas.