Looks like the bottom of Magazine Lane. The wall resembles the Magazines (note the defensive grass embankment on the left behind the wall). The wooded area is were Vale Park is now.
There used to be a school down there (New Brighton College) which stood roughly where the shelter is now. The building was demolished in 1899. I believe the house in your picture stood next door (possibly the school master's house?). If so, the picture probably dates from late 1899 or early 1900 as this would tie in with the school's disappearance and the construction of the Tower.
Thought the tower looked like an early version of "Paddy's Wigwam". Looks partially built to me. I used to live in the Buffs Club as the caretaker and it looked like that area to me at first. It looks more like the pier than Rock Ferry jetty so I'd plump for NB. Just paid 18 squid for a print of the Priory, they wanted 42 for a print of New Brighton, beyond my pocket. That picture is worth something to somebody should imagine, looks nice.
I think Geekus is right in that the view is meant to be from the bottom of Magazine Lane and that the house is what was left of what had been New Brighton College (see engraving below).
The college was opened in January 1854 by Rev Dr Dominick Poggi in what had been a hotel, variously named as the New Brighton Hotel or the Royal Hotel. Dr Poggi had previously run a boarding-school at Seacombe House, Seacombe, since the late 1840s. According to advertisements, the college provided "a complete course of Education, qualifying Young Gentlemen for the Universities, the Military or Naval Services, the Medical and other Learned Professions, or for engaging in Commercial Pursuits." It's most famous pupil was probably Ricciotti Garibaldi, the youngest son of the Italian patriot and politician Giuseppe Garibaldi, who was taught there from 1857 to 1861.
During the evening of 27th October 1862 fire broke out in the top floors of the building, possibly as the result of a gas explosion, and, fanned by a strong wind off the river, soon took hold. Dr Poggi and his family (including his eight children), and all of the staff and 24 pupils managed to escape, but by the following morning the main building was a smouldering ruin consisting of just the exterior walls. The only relatively undamaged parts were the back kitchen and stable (which you can see at the rear of the property in the engraving). The remains of the college were sold at auction in February 1863; the ruins were apparently dismantled and salvaged for building material, whilst the stable was converted into the house in the painting.
I'd tend to go with Geekus on this. There is also a possibility that it could have been painted as seen from the bottom of Holland Rd. On the left there is the outline of a house, basically just a slate colour, veiled by some branches and what looks like a white cloud behind it. I think that the house may be Vale House in Vale Park. The only problem is that cloud, because from the painters viewpoint it should have been rising ground all the way up the hill to near where St Peters & St Pauls church is now built. I don't know at present just how far the line of sand went, but there is a mark (possibly a high water mark) carved into the wall of the Magazines at the bottom of Magazine Lane.
Thanks guys, amazing information there,this is looking towards New Brighton, forgot to mention that in the original. sorry. The picture is one of twelve painted(originally 24 I believe) and given to my grandparents as a wedding present in 1899. The others are of various locations around Wallasey, New Brighton and Bidston. Twelve of them were apparently donated by a member of the family to Williamson Art Gallery many moons ago and I'v never been able to trace them. I have no idea who the artist is so don't know if they were local or not, but would imagine so. Rumour had it, that it was the brother of the Bishop of York who painted them, but after doing family History there was marriage in 1837 to one Sarah Bishop. So that was probably all crap. They were all framed in ugly heavy gilt frames, which my sister has claimed, and all the pictures need a jolly good clean. More than that I cannot add. I shall post another shortly of a similar view.
Humankind has not woven the web of life. We are but one thread within it. Whatever we do to the web, we do to ourselves. All things are bound together. All things connect. ~Chief Seattle