By 1885, the theatre came under the control of "The Triumvirate", a partnership between
J. C. Williamson,
George Musgrove and
Arthur Garner. The existing theatre had become rundown, and so the Triumvirate resolved to demolish the existing building. The new theatre, designed by architect
William Pitt, interiors designed by
George Gordon, and built by Cockram and Comely, was completed in 1886 at a cost of £50,000. The design is in the exuberant
Second Empire style, and the theatre forms part of the
Victorian streetscape of
Spring Street. The theatre re-opened, again, on 18 December 1886, this time simply known as the Princess Theatre, with a performance of
Gilbert & Sullivan's
The Mikado. When completed, it featured state-of-the-art electrical stage lighting, as well as Australia's first sliding or retractable roof and ceiling which provided ventilation from the auditorium. The marble staircase and grand foyers were hailed as equal to that of the
Paris Opera, the
Frankfurt Stadt and the Grand in
Bordeaux. Williamson left the Triumvirate in 1899 to form his own company, and Musgrove continued operate the theatre until 1910. During his time in 1901 the open balconies were enclosed to form larger lounges known as 'wintergardens', which feature large Art Nouveau stained glass windows with depictions of various classical composers. This alteration was also designed by William Pitt. The Princess came under a rapid succession of different owners until 1915, when
Ben Fuller took control. Fuller then went into partnership with
Hugh Ward, and in 1922 they engaged the architect
Henry Eli White to extensively renovate the building. A larger ground level foyer was created, and a new auditorium with fewer posts, in the
Adam style, and the grand copper awning was added. When Thring died,
Sir Ben Fuller and
Garnet Carroll took over the lease of the Princess and in 1946 they formed another partnership forming Carroll-Fuller Theatres Ltd to purchase the theatre. After Fuller's death in 1952, Carroll assumed complete control. Carroll died on 23 August 1964 and ownership passed to his son, John Carroll. For some years he maintained the pattern set by his father, but in 1969 the family company, Carroll Freeholds Pty Ltd, leased the Princess to the
Australian Elizabethan Theatre Trust. Over time, the theatre was used less frequently, and the theatre fell into disrepair. ==1989 reopening and current operation==