Grand Theatre was located at 183 Queen's Road East, Wan Chai (current Hopewell Centre)
It opened on 4 June 1923. It's predecessor on the same site was the Eastern Theatre which opened in the 1910s and closed probably in 1922. (See all comments below).
According to Cinema Treasures, the building existed from the 1910s till 1956 until the second generation theatre was built on the same site. It looks as if the existence of the Eastern Theatre was included in this time span.