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A “wet dock” at Falmouth Dock was owned by a company that made and re-fitted superyachts. A neighbouring commercial/military shipyard had the benefit of a covenant which prevented the land being used for: (i) building ships or boats; or (ii) repairing ships. The superyacht company applied under section 84 of the Law of Property Act 1925 to modify the covenant to enable it to carry out any type of work on ships or boats. The Tribunal allowed the application only to the extent that it related to work on leisure vessels.
