The "Pencil" as its known locally is a memorial to the founder of the modern Larne Harbour, James Chaine. It is an accurate replica of an Irish Round Tower and is definitely a lighthouse but the light can only be seen from seaward or from Islandmagee on the other side of Larne Lough. When the tides out there is good rock pool fishing around the base.
Also near the Tower towards the harbour itself is a monument to the 133 lives lost on the local ferry Princess Victoria during a violent storm on 31st January 1953. At the same spot is another monument commemorating the landing of a shipload of guns for the Ulster Volunteers at Larne Harbour in 1914.
There is a very good restaurant open to the public at the nearby Tower Swimming Pool and the circular walk from the Tower along the 'promenade' to the Bank Heads and Chaines Park is very pleasant. The 'promenade' was originally a light railway taking limestone to Larne Harbour but that has long since gone. The 'promenade' along its one mile length also passes through rocks spanning 15M years and is of international geological interest as being the most complete sequence of rocks in the UK at the time when dinosaurs were coming into being. Fossils can be seen in the rocks along the shoreline. At Chaines Park walk up the steps to the top and then come back along the top of the low cliff passing the tomb of James Chaine, where it is said he is buried upright looking out to sea, and further along descend back down to the shore at the Bank Heads to return to your starting point. There are very good views out to the Mull of Kintyre, Ayrshire coast, Paddy's Milestone (Ailsa Craig), Islandmagee and inland to Agnews Hill.