Located off York Road and named after the Milewater River, which flows into Belfast Lough in this area. This river is marked, though not named, on Taylor and Skinner's 'Maps of the Roads of Ireland' (1777), just north of the town boundary between Mt. Collier (sic) and Grove. Presumably it was so named because it was crossed by the road to Carrickfergus at a point one mile from the centre of Belfast.
Milewater Street is now a very short street with no properties located on it.