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The Palace Theatre is a West End theatre. Its red-brick facade dominates the west side of Cambridge Circus behind a small plaza near the intersection of Shaftesbury Avenue and Charing Cross Road. The Palace Theatre seats 1,400.
Richard D'Oyly Carte, producer of the Gilbert and Sullivan operas, commissioned the theatre in the late 1880s. It was designed by Thomas Edward Collcutt and intended to be a home of English grand opera. The theatre opened as the "Royal English Opera House" in January 1891
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