The theatre was designed by the architect Sir Thomas Bennett, in consultation with Bertie Crewe, and opened on 8 October 1931, with a play with music by H.F. Maltby, For The Love Of Mike.

The interior was opulent, The Stage reviewed the new theatre on its openingThe stalls bar and saloon lounge adjoining, will please the public, special care has been exercised in their equipment and decoration.

So comfortable, indeed, are the lounge and the bar at the Saville, that it is to be feared that something more than a warning bell will be necessary to clear them[1]The theatre was damaged in the Blitz in 1941, but reopened quickly allowing a revised version of the revue Up and Doing to complete a run of 332 performances.

[9] Brian Epstein, manager of The Beatles, leased the theatre in 1965, presenting both drama (including works by Arnold Wesker)[10] and rock and roll shows.

Acts including Chuck Berry, The Beatles, Jimi Hendrix, Pink Floyd, Elton John, Nirvana, Cream, Fairport Convention, the Incredible String Band and The Bee Gees also appeared there.

The exterior of the theatre retains many of the original 1930s details, although the wrought iron arch window on the frontage has been replaced by glass blocks.

The Saville was acquired in October 2021 by Yoo Capital[18] with plans to redevelop the site as a live arts venue with a hotel and restaurant.