First opening in 1961, acts such as Tommy Cooper and Morecambe and Wise were topping the bill at the Princess Theatre’s debut performance. Built by Torbay Council as part of the redevelopment of the Princess Gardens on the seafront, the building replaced an annual marquee that hosted light variety entertainment. Over the years, the Princess Theatre has been managed by several different companies whilst under the continued maintenance of the council. In 1991, the building was leased to Apollo Leisure and was then taken over by SFX and Clear Channel Entertainment. In 2009, Ambassador Theatre Group bought the theatre and continues to manage it to this day.
The Princess Theatre is the largest venue in the wider Torbay area and has the largest capacity in the South West after the Bristol Hippodrome, with a seating capacity of just over 1,500. Traditionally hosting family variety shows in the summer, it developed its reputation for hosting West End musicals in the early noughties. These days it continues to host a diverse programme of events including musicals, plays, ballet, opera, concerts and panto.
In the spring of 2024, the venue had a £750,000 refurbishment which included updates to the auditorium seating, carpets and front of house areas.