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Melbourne, Albert Park intro. Albert Park is one of the suburbs of Melbourne, best known for its huge Albert Park Lake and beach facilities. This residential area is characterised by wide streets, historic buildings and some of the finest parks in Melbourne. Bridport Street and Victoria Avenue are the main commercial hubs, with dozens of interesting shops, bars and restaurants housed in lovely old buildings. Albert Park has a long beachfront dotted with some truly opulent Victorian-era homes and mansions. Perhaps the most famous feature of this suburb is its vast lake, which attracts boaters to its calm waters and exercisers to the walking and biking track that circles the lake. The Australian Grand Prix is a major fixture here every year, drawing thousands of spectators to watch the Formula One racing. Many of them stay in Albert Park hotels, the best of which are housed in lovely Victorian mansions in the downtown area and along the beachfront.