In 1887 an elaborate new grandstand was constructed, it opened in time to host Tasmania vs Essendon match which held a capacity crowd of 10,000 spectators.

[4] The ground record crowd for Lake Oval was set on 30 July 1932, when 41,000 turned out to see Carlton defeat South Melbourne by nine points.

[18] The stadium was built with a capacity of 14,000 people,[4] which was achieved or approached several times in South Melbourne's history at the ground.

[19][4] As well as being the home of South Melbourne FC, the venue also hosted games by the Socceroos,[20] Young Socceroos, Australia's national women's team the Matildas,[21] and grand finals and finals matches of the Victorian Premier League (now National Premier Leagues Victoria).

The Victorian Institute of Sport, Athletics Victoria and South Melbourne FC would share tenancy of the venue.

South Melbourne played its final match under Lakeside Stadium's previous configuration in April 2010, and construction work on the remodelled venue began in June 2010.

The remodelling also saw a FIFA-sized natural grass soccer pitch, a new electronic scoreboard, upgraded lighting, a new northern stand and new spectator amenities.

Despite often providing windy conditions for athletes, some world class performances have been recorded at the venue, including a 12.49 second run by Sally Pearson over the 100m hurdles.