Ambition is at the heart of the Watermill Theatre. The first production I saw at the theatre was a remarkable double of Alan Ayckbourn’s House and Garden, performed across theatre and the venue’s outdoor space. A remarkable achievement, from there I have seen them stage many fantastic shows. But their habit of programming West End level musicals in an intimate space shows a willingness to push what can be achieved at the Watermill. And now the best theatre in the country has taken on the mighty task of staging a revival of The Lord of the Rings musical with a 20-strong cast.

For anyone who is unfamiliar with Tolkien’s text, adapted two decades ago into a trio of Oscar-winning masterpieces, it is the tale of a small band of Hobbits tasked with destroying an ancient item of phenomenal power to prevent the return of a great evil. And if you are familiar with the text or previous adaptations, it’s best you leave those at the door and just enjoy what’s being staged here.

And there is much brilliance in the staging of The Lord of the Rings. The ensemble are exceptional, be their part present throughout or for brief moments. As is the tradition at the Watermill the cast are actor-musicians, meaning when they’re not on stage, in character, they are part of the chorus or band. It is a wonder to behold, enhanced by slick, propulsive choreography. The Lord of the Rings surges from stand-out sequence to stand-out sequence. A dance number at The Prancing Pony is a giddy thrill. The arrival of Gollum at the start of the second half is a moment teased for the first hour and a half and lives up to the moment that such a famed character asks for. And an encounter with an eight-legged threat is a remarkable moment, with outstanding puppetry blending in with the actors on stage.

This is a resplendent production, with beautiful costumes, remarkable puppets, and a wonderfully adaptable set. I suspect this may have a life after its time at the Watermill and it would be intriguing to see how the show would shift for the next stage of its journey. What the Watermill Theatre is doing here is flawless, clearly comfortable in staging these theatrical extravaganzas.

The weakness is in the text itself, squeezing too much into a 3 hour+ runtime. We want more of what is on offer here. More of the Hobbits, more of the incredible puppetry, more of the battles, more of the beautiful songcraft, more of the quieter moments (particularly in the second half, which breezes through The Two Towers and The Return of the King). The adaptation of Tolkien’s tome is effective but does tend to lose the subtle character moments. As fabulous as this cast are, there isn’t much depth to the parts they play.

But perhaps this is the point; to tell a sweeping epic and make it feel closer to The Odyssey (or a similar story). And this production is certainly epic, so much so that it envelops the Watermill’s auditorium and explodes out of it. The genius of having it at this theatre is there is space to embrace the story both before it begins and for the enchanting prologue and epilogue out on the theatre’s lawn. The rural charms of the Shire and of Hobbit life feel particularly pronounced, surging into one of the unique qualities of the Watermill – its location in a quiet village on the outskirts of Newbury. There really is no venue quite like it anywhere else.

And no venue to push what can be achieved. Paul Hart’s production is a theatrical coup, enhanced by a West End-quality ensemble and an ambition at every level of it. This is skill, ingenuity, and theatrical magic that one should absolutely seek out.