Thanks to a £2m donation from Michael and Dorothy Hintze, the museum - located in the former West Hill library building - has been fully modernised and refurbished so that its collection of local historical and cultural artefacts can be exhibited in an "attractive and welcoming environment".

There is also a learning centre to support the museum’s educational services, a dedicated research area for access to the museum library and archives, permanent and temporary galleries, a café and retail areas.

As well as signing a 50-year loan agreement with the independent trust that will now run the new museum for the 10,000 artefacts that the council has amassed over the decades, the town hall has also provided a 20 year lease on its new home with a rent free period for the first five years.

London Mayor Boris Johnson said at the official reopening yesterday: "Not only is the new Wandsworth Museum a fabulous resource for the local community, it is a wonderful addition to London's cultural landscape. Whether your interest is our city's Roman heritage, the innovations of the Iron Age, or the touching reflections of a soldier on the Somme, the museum's collection highlights the rich diversity that makes up the story of London.

"In these challenging economic times, the generosity of Michael Hintze also shows the important role that private philanthropy can have in helping to sustain local as well as national arts and cultural organisations – this is a superb benchmark and I urge the business community to follow his lead."

The museum was closed in February 2007 after a government funding shortfall.