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Named after King William IV, the name was chosen on 23 May 1837 by a Street Naming Committee made up of the governor and eleven prominent colonists.
Morphett Street was named after land agent John Morphett, an early promoter of South Australia, by a Street Naming Committee made up of the governor and 11 prominent colonists on the 23 May 1837.
The VE (Victory in Europe) Day service for the Second World War was held in the park on 9 May 1945.