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The theatre was built as one of a pair with the Aldwych Theatre on either side of The Waldorf Hilton Hotel London, both being designed by W. G. R. Sprague. The theatre was opened by The Shubert Organization as the Waldorf Theatre on 22 May 1905, and was renamed the Strand Theatre, in 1909. It was again renamed as the Whitney Theatre, in 1911 before again becoming the Strand Theatre, in 1913. In 2005, the theatre was renamed by its owners (Delfont Mackintosh Theatres) the Novello Theatre in honour of Ivor Novello, who lived in a flat above the theatre from 1913 to 1951.
Grade II listed. Link

Listed buildings and structures are officially designated as being of special architectural, historical or cultural significance. There are over half a million listed structures in the United Kingdom, covered by around 375,000 listings.
Listed status is more commonly associated with buildings or groups of buildings, however it can cover many other structures, including bridges, headstones, steps, ponds, monuments, walls, phone boxes, wrecks, parks, and heritage sites, and in more recent times a road crossing (Abbey Road) and graffiti art (Banksy 'Spy-booth') have been included.

In England and Wales there are three main listing designations;
Grade I (2.5%) - exceptional interest, sometimes considered to be internationally important.
Grade II* (5.5%) - particularly important buildings of more than special interest.
Grade II (92%) - nationally important and of special interest.

There are also locally listed structures (at the discretion of local authorities) using A, B and C designations.

In Scotland three classifications are also used but the criteria are different. There are around 47,500 Listed buildings.
Category A (8%)- generally equivalent to Grade I and II* in England and Wales
Category B (51%)- this appears generally to cover the ground of Grade II, recognising national importance.
Category C (41%)- buildings of local importance, probably with some overlap with English Grade II.

In Northern Ireland the criteria are similar to Scotland, but the classifications are:
Grade A (2.3%)
Grade B+ (4.7%)
Grade B (93%)

Read more at Wikipedia Link