Lake Esmond is situated on the corner of Larter Street and Lal Lal Street, Canadian and was originally a quarry for Eureka Tile Works until 1982. The park was named after the discovery of gold and Eureka Stockade leader, James Esmond (1822-1890). It was officially opened on 6 June 1988, and has developed into an invaluable source of passive recreation for nature lovers and bird observers, as well as a great location to enjoy a picnic.

Lake Esmond is 20 to 30 metres deep over an area of 1.8 hectares, the surrounding park land is nine hectares. Noxious weeds were eradicated from the area, which has been planted with 6,000 plants of native vegetation, from small shrubs to large trees and include many rare species.

Lake Esmond is maintained by the City of Ballarat, Rotary Club of East Ballarat and community groups.

Further development over the last two years has seen construction of picnic and BBQ facilities, playground, public toilets and an extension of walking trails.