In 1971 the company moved from Station Street to a new 901 seat theatre designed by Graham Winteringham and Keith Williams Architects on Broad Street, in the area that would later be developed as Centenary Square. The theatre was opened by Princess Margaret and the first production to be shown in the theatre was an adaptation of Jane Austen's Pride and Prejudice called First Impressions which starred Patricia Routledge. The building itself won a Royal Institute of British Architects award in 1972
As the company approaches its Centenary in 2013, the theatre is currently undergoing redevelopment as part of the Library of Birmingham. In 2013 the company will move back to its improved home, following two years presenting shows in other theatres and site-specific spaces across the city.