In 2006, Bayside Council began the process of formally naming all unnamed parks in the Bayside Municipality. The park in Olympic Avenue beside the Kindergarten had been there since the early days and Council asked residents to come up with a name for the park. A number of suggestions were put forward to Council who looked at each one and in the end agreed to name the park Pennydale Park following a higher number of votes for that name and because that names was already unofficially in use by sections of the community already. The park was officially named Pennydale Park and Bayside Council erected a park sign facing Olympic Avenue stating "In 1958 the postal area between Park Road and Bay Road was named 'Pennydale', in recognition of the Penny family who settled in the area in 1862.". This sign is still in place and is a recognition not only of the name Pennydale, but of the Penny family and their long history with the area. Bayside Council registered the name with VICNAMES – The Register of Geographic Names Victorian State Government - Registered Place Name ID VIC100049, and in 2015 it went further and registered the reason for the name as printed on the park sign so that there was a registration of the Pennydale name.