The Novello Theatre opened in May 1905 and was originally called the Waldorf Theatre, but it has also been known as the Whitney Theatre, the Strand Theatre (twice) and in 2005 was renamed the Novello Theatre.

It was designed by the famous theatre architect W G R Sprague who was also responsible for its “twin” the Aldwych Theatre. The construction of the Waldorf Theatre, Waldorf Hotel and Aldwych Theatre was part of the major redevelopment taking place in this area of London.

Sprague designed the theatre with a classic facade made of Portland stone, a Louis XIV style interior was richly decorated with marble and gilt and fleur de péche marble pilasters in the dress and upper circles. The Novello was the last three-tier theatre to be built in London and the second to be constructed without a raked stage. The first lessees of the then Waldorf Theatre were the Shubert brothers who already owned or managed 20 theatres in America. The theatre had a grand opening with an eight week season of opera and drama which was not a success. It was only in November 1913 that the theatre (which was now called the Strand) had a success with its first long run of an Anglo-Chinese play called Mr Wu. The change of name was only temporary as in 1911 it was renamed the Whitney Theatre, but reverted back to the Strand Theatre again in 1913 and would remain so until 2005.

The summer of 2005 was the theatre's 100th anniversary, and the Delfont Mackintosh group began a major refurbishment. This was completed in December of the same year and it was renamed as the Novello Theatre, in recognition of Ivor Novello who lived in a flat over the Theatre for 38 years (between 1913 and 1951) and wrote many of his most famous musicals there.