The QFT is located on University Square and shares the building with the Brian Friel Theatre opened in February 2009 and used for student drama teaching, rehearsals and performances.

The QFT, like most independent cinemas, faced financial difficulties for much of its early years, with one short closure in 1972.

However following that closure it constructed a programming structure appropriate to the local demographic and largely managed to remain viable.

Following a period of relative financial success in 1985, the Arts Council of Northern Ireland funded a refurbishment providing new and very comfortable seating which was installed on 31 March 1986.

The next major investment in the facility came in 2003/4 and was University-led, formally integrating the QFT into the new Drama and Film Studies departments.