Sir Walter Carncross and Charles Wilkinson purchased 45 acres (18 ha) here in 1919.
Construction of workers' cottages was planned along the Highway 3 frontage but only six were eventually completed.
The park was developed during the Depression of the 1930s by unemployed workers as a memorial to those who lost their lives in World War I.
Colloquially known as 'Snake Gully' - possibly because of its twisting road but more likely as a reference to the popular Australian-outback radio serial of the time, 'Dad and Dave of Snake Gully'.
The whole reserve includes the Soldiers' Memorial Park, the Eltham Golf Club, a swimming pool, playground, skatepark and walkway.
The walkway through the park also passes the remains of Eltham's first sewage scheme which opened in 1918.
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