While I am unfortunately sceptical that it will end up as a cinema (considering the newly approved Lordship Lane one), I think it would be an amazing boost for FH. Daytime parking may be tricky, but with strong public transport links, and free car parking in the Perry Vale and Sainsbury's car parks after 6.30pm, it could work!
Fingers crossed the listed building status would protect the whole building, otherwise could end up with a preserved facade and lots of flats behind.