A near wreck, this theatre? (5)
I believe the answer is:
arena
'this theatre?' is the definition.
(I've seen this before)
'a near wreck' is the wordplay.
'wreck' indicates an anagram.
'near' with letters rearranged gives 'rena'.
'a'+'rena'='ARENA'
(Other definitions for arena that I've seen before include "Place for public events" , "Wembley, say" , "Sporting enclosure" , "The place of action" , "Part of a stadium" .)