It has since been placed on the Theatres Trust's "At Risk" register, and as of 2023 no work has commenced and Edwardian Hotels have no intention of re-developing the listed building.

The theatre, which stands on an island site on the south side of Peter Street, is constructed in sandstone ashlar.

[4] The Theatres Trust described it as "unique and architecturally significant", with the façade being "one of the finest examples of theatre architecture to have survived in Britain from the first half of the nineteenth century", stating that it influenced the design of the Royal Opera House, London.

[7] Knowles set up a strong stock company and proved himself a very capable, though somewhat authoritarian, theatre manager.

At a public dinner in his honour in July 1844, Knowles was presented a plate "in acknowledgement of his energetic and successful efforts to revive national drama in Manchester".

[13] Precautionary measures against fire were taken by placing a tank on the roof capable of holding 20,000 gallons of water, which was connected by pipes to the stage and the green room.

Its programme that night included Weber's Oberon overture, Douglas Jerrold's "Time works wonders" and an elaborate ballet spectacle "The Court Ball in 1740".

Charles Dickens, John Leech and George Cruikshank[10] were amongst notable people who appeared at the theatre.

The theatre was dedicated to Shakespeare and Knowles installed a Carrara marble statue of the playwright above the entrance.

[11] In 1875, after years of success, Knowles severed his connections with the theatre, disposing of it to a limited company for £50,000.

[15] It was announced in 2011 by owners Benmore that the Theatre Royal would receive a £2 million refurbishment to convert the building into a live music venue.

[citation needed] Theatres Trust has said that the internal conversions for its past usage in various guises appear to have obscured – rather than destroyed  – the interior.