The Marquess of Downshire was recorded in Griiffith's Valuation in 1862 as the landlord of Ballymaconaghy, the townland in which Hillsborough Parade is located. This was Arthur Hill, 4th Marquess of Downshire. His residence was Hillsborough Castle.
"On the application of Messrs. Dixon Estates Ltd., it was Resolved – That a new street on their property situated off Castlereagh Road be named Hillsborough Parade". (16th April 1929)