The paper examines the historical and present-day role of the Royal Naval Dockyard, a globally motivated waterfront development of recurrent local dominance in the affairs of a small island community. Its historical role as a bastion of imperial naval defence, the Gibraltar of the West, is reviewed from the Victorian era until 1945; and its recent and continuing revitalisation, as heritage for tourist-leisure adaptive reuse, is discussed and illustrated. Its relationship to naval/waterfront heritage-oriented innovation elsewhere is considered; and the risks of such developments for the identity and tourist-historic economy of this and possibly other (ex)colonial naval outposts are queried.