The Airpark was established in 1992 as a private venture with the support of the Golden Plains Shire on a site that was carefully selected to take advantage of unrestricted airspace, existing transportation links and distance from urban development.

The first tenant was the Geelong Sports Aviators Club, relocating to Lethbridge in the same year, following the sale and closure of the airfield at Lovely Banks.

[3] In July 2013, the Victoria State Government announced a grant of $1 million to help fund upgrades to the facilities at Lethbridge Airpark.

[5] The planned upgrades are expected to create more than 100 ongoing jobs, and position the airport as an important year round hub for emergency services aircraft.

It is also hoped that aviation related businesses such as aircraft assembly, sales and service will be encouraged to establish themselves at Lethbridge.