How did Bayswater get its name?

I imagine that the name Bayswater, like Croydon, Kensington, Footscray, Epping, Richmond and Camberwell is copied from the London area of that name. There are also loads of suburbs that are named after places in Southern England, Canterbury, Maidstone, Brighton and so on. Yet more are named after royals and colonial administrators, Coburg, Fitzroy etc. It is all as much a part of the colonial heritage as cathedrals, parks and government buildings.