Mayor Boris Johnson received a tour of the buildings, which have been undergoing a major rebuilding programme since last November.
Once completed the venue will be the UK’s first teaching theatre – with rooms set aside for educational sessions between students, actors, directors and teachers.
A new two storey extension with a range of brand new facilities is under construction, while the existing building is getting its first major facelift for 30 years.
The new facilities will include drama, dance and recording studios, an editing suite, music practice rooms, a digital film and TV studio, a screening room, a sensory room for children with disabilities and new wardrobe, props and scenic workshops.
New meeting and seminar rooms will also be created while the existing building will be furnished with a new bar and café.
The Mayor has given £1m of funding towards the redevelopment of the Lyric Hammersmith. With the Mayor’s funding, the Lyric will enhance its critically acclaimed education programme and build on its reputation as a leading professional theatre, which also supports and trains young people.
Commenting on the redevelopment – which is part funded by the Mayor of London, H&F Council and other contributors – the Mayor said: “The Lyric is a cultural beacon for west London and a shining example of the continuing success our theatres have in attracting audiences and putting themselves at the heart of the community.”
Hammersmith & Fulham Council contributed more than £3m towards the work, which is expected to be complete by February 2014.
Cllr Greg Smith, H&F Council Deputy Leader, said around 7,000 pupils are expected to use the new look theatre each year when building work is complete.
He said: “The Lyric is already far more than a theatre and this major regeneration project is part of the new wave of investment that is continuing to pour into Hammersmith town centre.”