The building in which the theatre is housed was constructed on the foundations of the earlier Bell Inn, in Monmouth's historic town centre.

It was briefly a roller skating rink, belonging to the White Swan Hotel, at the end of the 19th century, before reopening in 1910 as Monmouth's first cinema, the "Living Picture Palace and Rinkeries".

[2] In 1927 the building was bought by the Albany Ward theatre group, gutted and reopened on 5 March 1928 as "The New Picture House".

[6] In 2004, the Heritage Lottery Fund contributed towards the restoration of the interior decoration, which includes red velvet curtains, elaborate gilded plasterwork, and glass chandeliers.

[8] In January 2012, it won a grant from the NatWest Bank's Community Force initiative, to help the Trust realise its ambitions of running an after-school film club for children and expanding its work with youth drama workshops.