The circuit was founded by John Carter and Paul Samuels, who named it after Charles Wakefield, founder of Castrol, in recognition of Castrol's contribution to amateur motorsport. Their intent was to provide an accessible, affordable venue for club racers in the event that both Amaroo Park and Oran Park Raceways closed — an outcome that eventually came to pass. Castrol committed to a modest three-year sponsorship deal in response to the naming honour, which influenced the colour scheme of the circuit's buildings. When Castrol withdrew after determining it was not receiving appreciable commercial value, the founders continued independently.
Wakefield Park was the first privately funded circuit built in New South Wales in approximately 35 years. Finding a suitable site proved difficult; despite support from Goulburn Council and local politician John Fahey, obtaining all necessary approvals took over a year. Once approvals were secured, construction proceeded quickly. The first sod was turned in mid-October 1993 and the first race meeting was held on 8 May 1994 — less than eight months from groundbreaking. The total cost of land and construction was approximately 1.2 million Australian dollars.
Goulburn was selected as the location for geographic reasons: it sits within reach of Canberra, the Wollongong coastal population, Sydney, and the Victorian market, making the circuit accessible to a broad base of motorsport participants.
The circuit occupies 130 acres of cleared land on Braidwood Road, 10 km south of Goulburn. Safety features include ripple strips, tyre walls, and gravel traps. The venue operated under a CAMS National Circuit Licence and also held accreditation through AASA and the New South Wales Department of Sport and Recreation. In addition to the main road racing layout, the site offered a hill climb course and shorter circuit variations. Public track days, thrill rides, and motorcycle ride days were regular commercial activities alongside sanctioned race meetings.
In late 2007, the track was resurfaced by Winton Motor Raceway, which had taken on ownership of the circuit at the time.
Wakefield Park hosted a broad range of national and state-level competition across its operating life. National-level events included the Fujitsu V8 Supercar Series, the Australian Formula 3 Championship, the Australian Superbike Championship, the Australian GT Championship, and multiple Australian Drivers' Championship rounds. The circuit accommodated both car and motorcycle racing, as well as drifting events.
After a lengthy legal dispute, the number of operating days was reduced to 30 per annum, making the circuit economically unviable. Wakefield Park closed in August 2022. An online petition calling for the circuit's preservation gathered 28,950 signatures by its close on 28 October 2022, establishing a record for the highest number of signatures ever collected on an e-petition within the New South Wales Government system. The petition was tabled in the Legislative Assembly on 8 November 2022, and the Minister for Planning responded on 13 December 2022.
In March 2023, the Benalla Auto Club announced that Steve Shelley, owner of the nearby Pheasant Wood Circuit in Marulan, would purchase Wakefield Park with the intention of re-opening it in cooperation with the local community and Goulburn Mulwaree Council. The acquisition was finalised on 6 June 2023. After renovation, the circuit reopened in May 2024 under the new name One Raceway. The first event on the new Shelley loop — a reverse or anti-clockwise variant of the circuit — was Bluey's Roundup, hosted by Motor Events Racing on 18–19 January 2025.
Wakefield Park's three-decade run as a grass-roots motorsport venue filled a significant gap in New South Wales club racing infrastructure, particularly following the closures of Amaroo Park and Oran Park. Its revival as One Raceway continued that tradition of accessible amateur racing within the Goulburn region, while adding new layout configurations to the historic site.