Looks like Cathiron not far north of Rugby on ‘The Red Rose’ in that rather pleasing early 1950s combination of a lined black engine with carmine and cream BR Mark 1 coaches. 46201 remained in this livery until a Heavy General overhaul started at the end of 1951 when it was given new front frames and emerged in BR lined green fitted with a domeless combustion chamber boiler in place of the non-combustion chamber example pictured.
Peter Kerslake says "Saved for restoration and preservation following withdrawal in October 1962, Princess Elizabeth went to the Dowty Rotol factory site at Ashchurch, thanks to the efforts of the "6201 Princess Elizabeth Society", a fund for its purchase from British Railways a fund for the purchase from British Railways having been started in October 1961. While at Ashchurch, it made a couple of runs under "Light Steam" through Gloucester to appear at Bristol Bath Road Depot "Open Days " before later moving to the Bulmers Centre at Hereford, from where, following the lifting of the steam restrictions in 1971 it worked many Specials. In September 2016 it became the first of the class to cross Brunel's bridge at Saltash on its way to Par in Cornwall, and I suspect that the clearances between the engine and bridge on the single line crossings may well have been extremely limited."