HAMMERSMITH, it seems, is riding high on a wave of investment.

Millions of pounds are being pumped into the area by developers as refurbishment projects are carried out on the Lyric Theatre and the Kings Mall Shopping Centre.

The Lyric is to get a two-storey extension behind the theatre to house state-of-the-art facilities, with the building being re-rendered and new signage put up.

The shopping centre is to get new shops and a modern entrance, and the car park behind the centre could also be developed if it gets permission from Hammersmith and Fulham Council later this year.

Throw into the mix Hammersmith Grove’s rapidly rising nine-storey office block, its 11-storey counterpart due to be built later this year and the new student accommodation being built on the former Hammersmith Palais site, and it seems Hammersmith is being well and truly revitalised.

But what does all this development mean for the town?

Hammersmith has long been a haven for multinational companies looking for office space in west London, but with these latest investments could the town finally become a retail and cultural hub?

Executive director at the Lyric, Jessica Hepburn, thinks so.

She said: “The regeneration of Kings Mall and 10 Hammersmith Grove, along with the Lyric’s own forthcoming redevelopment will ensure that Hammersmith is destined for a new lease of life as a cultural hub for west London.

“We’re excited to be contributing to such a bright future for the area which will undoubtedly attract a much higher profile and many more visitors to W6.”

While the two high-rise blocks in Hammersmith Grove will be for office use, the bottom of the development will house a public courtyard, equal in size to Lyric Square, as well as two new restaurants – the names of which are due to be announced next month – with the hope of increasing the area’s evening trade.

This shift in attitude can already be seen with the arrival of popular Portuguese restaurant Nando’s on the Broadway and Japanese chain Wasabi in Kings Mall.

Patricia Bench, development manager for business improvement district Hammersmith London, is confident this wave of investment reflects the changing face of the town.

She said: “This investment is amazing, it’s exactly the type of thing that we want to attract.

“We want to create a vibrant, safe and more attractive area – an area that is soon going to be home to hundreds of students when the Palais development is finished.

“The fact that Ladbrokes was moved and replaced with Nando’s is a sign that Hammersmith is finding the right balance and mix.

“It’s a new and exciting time for the town. Each of these new developments is going to have a knock-on effect. Restaurants will see that Hammersmith is a viable option, as will high street shops, and it’ll mean more money is invested into the area.

“The arrival of more restaurants also means that we can promote Hammersmith as more of a night-time destination, somewhere to go pre and post-show.”

Leading the way in this renaissance is MP Kings Retail, the developers behind the Kings Mall and Lyric extension, and who attracted an upmarket sushi restaurant and fashion store H&M to the new-look centre.

Chris Baker of GCW and Cushman & Wakefield, who are advising the developers, said: “Kings Mall already provides a strong retail offer, but the refurbishment proposals and MPs’ ambitions for the centre have the potential to significantly improve Hammersmith as a shopping destination. We believe that the combination of a major office-based population with a large and loyal catchment is an attractive proposition to major high street names – this project is about creating the right environment to seize that proposition.”

10 Hammersmith Grove is due to open in May, while Kings Mall is set to be completed in August, and the Lyric by February 2014.