Named after the yacht Velsheda, built in Gosport in 1933, owned by William Lawrence Stephenson, founder of the British arm of the Woolworth's retail chain. Stephenson allowed the yacht to be used by racing crews. In her second season she won more than 40 races under the command of Captain Fred Mountfield. The name Velsheda comes from elements of the names of Stephenson's three daughters: Velma, Sheila and Daphne.
At the request of Mr. Malcolm McKibbin, owner of the property, it was resolved--That the name " Velsheda Park " be approved for a new street between Ardoyne Road and Ardglen Parade, in lieu of the name "Ardglen Park " previously approved. The remaining portion of the thoroughfare from Ardglen Parade to Ardglen Crescent to be known as "Ardglen Park," which name had been approved previously. (Improvement Committee, Tuesday, 19th October, 1937).