Cathy's new boat (5)

I believe the answer is:

yacht

'boat' is the definition.
(yacht is a type of boat)

'cathy's new' is the wordplay.
'new' indicates an anagram.
'cathy' anagrammed gives 'YACHT'.

(Other definitions for yacht that I've seen before include "Fast sailing vessel" , "Sailing or motor vessel for cruising or racing" , "Pleasure-boat" , "Type of boat" , "Sailing boat" .)

I've seen this clue in The Irish Independent and The Mirror.

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