The Tower Theatre Company (TTC) has unveiled plans to build a new theatre on a site confirmed by Museum of London Archaeology as being the location of London's first purpose-built playhouse.

An excavation of the site in Shoreditch, which is currently occupied by a disused warehouse, has uncovered what is believed to be the inner wall of The Theatre, a polygonal theatre built by James Burbage in 1576. Trustees of TTC plan to create a 21st century equivalent of the original entertainment venue, at which William Shakespeare wrote and performed at between 1594-97 and is thought to have staged the premiere of Romeo and Juliet.

Plans have already been drawn up with the initial support of English Heritage and Hackney Council for the new venue, which includes a 130-seat auditorium and the preservation of the site's historic remains. It is hoped the planning process will get underway next month, and if the proposals are approved by the council, TTC will launch an appeal to raise £3.3m needed for the new venue, which will house the company and a local arts resource.

Penny Tuerk, chair of the Tower Theatre Trustees, said: "We have a unique opportunity both to preserve the heritage of The Theatre and develop a modern space for small-scale arts and theatre in Hackney. It is a very exciting project and our vision is to create a modern-day venue for all to enjoy." Jack Lohman, Museum of London director, added: "This extraordinary find offers a tantalising glimpse into Shakespeare’s city, and the proposed theatre development on this special site seems a fitting way to harness the energy and spirit of a place that is so central to the story of London and Londoners."

Image: Museum of London