Ed and David Mirvish built the theatre as a state-of-the-art facility to stage large-scale musicals for long runs.

For the Princess of Wales Theatre, David Mirvish commissioned a series of murals by American abstract expressionist painter and sculptor Frank Stella.

A stage production of The Lord of the Rings made its world premiere in the facilities on February 8, 2006, losing money owing to terrible reviews and a lack of public interest.

[2] On September 29, 2012, after operating for only 19 years, Mirvish Productions announced a plan to demolish the Princess of Wales Theatre in favour of a multi-purpose complex designed by Frank Gehry and which would include an extensive artwork collection available for public viewing, as well as museums, condominium units, and retail spaces.

[3] However, in response to criticism from city planners, Mirvish and Gehry announced a revised plan in May 2014 which would spare the structure.