Walk round the pub - 'The Boat' (7)
I believe the answer is:
pinnace
'boat' is the definition.
(historical type of small boat)
'walk round the pub' is the wordplay.
'walk' becomes 'pace' (pacing is a kind of walking).
'round' means one lot of letters goes inside another.
'the pub' becomes 'inn' (an inn is a type of pub).
'pace' placed around 'inn' is 'PINNACE'.
'the' is the link.
(Other definitions for pinnace that I've seen before include "tender" , "Small boat" , "Ship's boat - nice nap (anag)" , "Vessel" .)