South of Victoria Island is as far as I can estimate. Understandably, because this was taken as an official Royal Navy picture of Her Majesty's Motor Launch 3510. Those who prepared this launch for the picture, and worked hard painting , polishing, and making it look this extremely ship-shape, were down below in their overalls whilst the picture was taken. Captain of the Launch Lt Peter Hudson was with his Coxswain and other smartly dressed officers on the bridge looking very gallant.
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From 1951
Found this on Flickr: