If it were to become a (one-screen) cinema again, I'm not too sure it would be able to complete against the multi-screens.
If the films are unashamedly mainstream, they might have a chance.
However I went to the Peckham Plex, which charges £4.99 for all screenings and arguably the cheapest multiplex in London and yet there were only 15 people in a 200 seater screen for Mrs Browns Boys D'Movie.