This is the town on Cowes on the river Medina where the ferries from Southhampton sail on their journey to the Isle of Wight. In the centre of the picture is a large shed with the name 'Vectis Works' written on, and on the extreme left is another shed for the Lallow's shipbuilders. Waiting on the dock are a large number of people but I don't know if they are waiting for the boat which the photographer was on.
I would guess this picture was taken in the early 1960s - some of the shipbuilders in the picture now seem to be gone, but Lallow's yard is still listed on google maps.