In 1997, a studio theatre was built at the rear of the building on Monmouth Street, called the Ustinov Studio, named after the actor Peter Ustinov.
The front of the building is decorated with a bronze winged figure which was designed by his son, Igor Ustinov, entitled Hopefully.
The 150-seat auditorium was originally a space for the youth theatre and small-scale touring productions, but the Ustinov programme soon expanded to encompass classical concerts, stand-up comedy (including high-profile acts such as Bill Bailey, Stewart Lee and Lucy Porter) and in-house productions.
To accommodate the technical needs of these productions, a refurbishment was planned to take place throughout 2007, improving the backstage & technical facilities, the foyer, bar and auditorium.
The Ustinov Studio re-opened in February 2008, with their own production of Breakfast With Mugabe, starring Joseph Marcell, Miles Anderson and Nicholas Bailey.

In 2011, Olivier Award-winning director Laurence Boswell was appointed the first Artistic Director of the Ustinov Studio.
In the 2012 American Season at the Ustinov Studio, Sarah Ruhl's In the Next Room (or The Vibrator Play) was the winner of the Best New Play — Theatre Awards UK 2012 and nominated for three Tony Awards.
The Ustinov Studio was also nominated for the prestigious Empty Space ... Peter Brook Award 2012.
The Daily Telegraph's Dominic Cavendish praised the venue as a "constantly bubbling fount of marvels" at the awards ceremony.
The Ustinov also received a second consecutive nomination for the 2013 awards.

In Autumn 2013, the Ustinov presented The Spanish Golden Age Season, three new translations of rarely seen plays.
These included the tragedy Punishment without Revenge, and the romantic comedies Don Gil of the Green Breeches and A Lady of Little Sense, which ran in repertory with a cast of ten actors in all three plays between September and December 2013.
It was later transferred to the Arcola Theatre.

In Summer 2014, the Ustinov Studio presented a new comedy, 'Bad Jews', and in November of the same year, a black comedy by Florian Zeller, 'The Father' starring Kenneth Cranham.
Both of these plays have gone on to huge national and international success in following two years, running almost continuously on several tours and West End transfers, culminating in Kenneth Cranham winning the Olivier Award for Best Actor in a Play at the 2016 Awards Ceremony.

In January 2020, the internationally acclaimed and multi-award-winning theatre and opera director Deborah Warner, was appointed Artistic Director of the Ustinov Studio.
In 1997, a studio theatre was built at the rear of the building on Monmouth Street, called the Ustinov Studio, named after the actor Peter Ustinov. The front of the building is decorated with a bronze winged figure which was designed by his son, Igor Ustinov, entitled Hopefully. The 150-seat auditorium was originally a space for the youth theatre and small-scale touring productions, but the Ustinov programme soon expanded to encompass classical concerts, stand-up comedy (including high-profile acts such as Bill Bailey, Stewart Lee and Lucy Porter) and in-house productions. To accommodate the technical needs of these productions, a refurbishment was planned to take place throughout 2007, improving the backstage & technical facilities, the foyer, bar and auditorium. The Ustinov Studio re-opened in February 2008, with their own production of Breakfast With Mugabe, starring Joseph Marcell, Miles Anderson and Nicholas Bailey.
In 2011, Olivier Award-winning director Laurence Boswell was appointed the first Artistic Director of the Ustinov Studio. In the 2012 American Season at the Ustinov Studio, Sarah Ruhl's In the Next Room (or The Vibrator Play) was the winner of the Best New Play — Theatre Awards UK 2012 and nominated for three Tony Awards. The Ustinov Studio was also nominated for the prestigious Empty Space ... Peter Brook Award 2012. The Daily Telegraph's Dominic Cavendish praised the venue as a "constantly bubbling fount of marvels" at the awards ceremony. The Ustinov also received a second consecutive nomination for the 2013 awards.
In Autumn 2013, the Ustinov presented The Spanish Golden Age Season, three new translations of rarely seen plays. These included the tragedy Punishment without Revenge, and the romantic comedies Don Gil of the Green Breeches and A Lady of Little Sense, which ran in repertory with a cast of ten actors in all three plays between September and December 2013. It was later transferred to the Arcola Theatre.
In Summer 2014, the Ustinov Studio presented a new comedy, 'Bad Jews', and in November of the same year, a black comedy by Florian Zeller, 'The Father' starring Kenneth Cranham. Both of these plays have gone on to huge national and international success in following two years, running almost continuously on several tours and West End transfers, culminating in Kenneth Cranham winning the Olivier Award for Best Actor in a Play at the 2016 Awards Ceremony.
In January 2020, the internationally acclaimed and multi-award-winning theatre and opera director Deborah Warner, was appointed Artistic Director of the Ustinov Studio.
Theatre Royal, Bath