This street takes its name from the townland of Ballymacarret, the nearest townland on the east side of the Lagan (in Co. Down) to the centre of Belfast. It was originally outside the town and formed part of the medieval territory of the Clandeboye O'Neills. It was connected with Belfast by the ford across the Lagan and this remained the case until the 1680s, when the ford was replaced by the Long Bridge. The name, often spelt with two Ts, is an anglicised form of Ir. Baile Mhic Gearóid, "McGarrett's townland", presumably from an unidentified person or family connected with the place during the Middle Ages. The interpretation "McArt's townland" frequently offered, by Marshall amongst others, is incorrect.
On Thomas Raven's Plantation-era maps of the estate of James Hamilton, 1st Viscount Claneboye, it is marked as Balle MaCarrat. Hamilton had been granted it in 1605 by James I as part of the lands in Upper Clandeboye confiscated from Conn O'Neill. Hamilton leased Ballymacarret to Richard and Henry Whitehead in 1622. About half the townland, 190 acres, was shown under woodland on the Raven map (1625). There are several areas of cleared landed, including a plot of 22¼ acres adjacent to Ballyhackamore containing a cabin named as Robert Hunters Creat. A salt marsh is shown on a headland pointing north into The Bay of Carickvargus.
The townland was bought by the First Marquess of Donegall in 1787 for £25,000 from Barry Yelverton who in his turn had bought it six years earlier from the Pottinger family for £18,113/5/0d. In the late 18th century Ballymacarret became the first area on the east bank of the Lagan to develop industries such as the Coates Pottery, a Foundry and a "China Manufactory". In 1832 it was incorporated into Belfast Borough.
"The first Marquis of Donegall by his will dated August 7, 1795, left Ballymacarrett to his second son, Lord Spencer Chichester; whose son, Arthur Chichester, was in 1831 created Baron Templemore, which title gives Templemore Avenue its name" (John J. Marshall, Belfast Telegraph, 19/02/1941). Lord Templemore was recorded as the landlord of Ballymacarret in Griifith's Valuation, 1864.
Note that 19th century references to Ballymacarret Old Road and Ballymacarret New Road denote the roads now called Newtownards Road and Albertbridge Road, not this road, which was only built in the 20th century.