This site was home to the British Royal Navy for 150 years. Bermuda was a key location b'twn Europe & the U.S. During WW I & II, the dockyard maintained ships for battle. The key attraction here is the Nat. Museum of Bermuda. For $15 (adults), you can see/learn about the island, as well as, the history of the Royal Navy. Otherwise, I believe it was developed primarily for the cruise ship passengers (up to 2 boats dock daily.) The former dockyard bldgs were converted to: souvenir shops, eateries, a brewery, mini-golf, Dolphin Park, Snorkel Beach & a pub. Also, ferry service runs from here to Hamilton. If you're a first-time visitor, I would "save" this for a rainy day or day off from exploring the island.
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