Successful early shipyard at the mouth of the Tank Stream in Sydney Cove which was run by James Underwood, a former convict who later diversified from shipbuilding to become a successful merchant, sealer and distiller. The land grant ran from George Street through to the stream. Underwood extended the land by reclaiming part of the estuary for the yard prior to 1807. He built a ‘commodious and comfortable’ flat-roofed Regency house facing the street, and warehouses. The house had a turret, and walk on the roof looking towards Sydney Cove.