The Lakelet was constructed in October 1909. It was the main feature of the last quadrant of The Square to be developed by the Beautifying Society. James Nash, Mayor of Palmerston North 1908-1923, opened The Lakelet before a crowd on 27 October 1909. The Lakelet is shaped as a butterfly, with the wings being bisected by a bridge as its body. It is also referred to as the Butterfly Lake.