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AAP

PP1 has set a new race record in the Cock of the Bay

PP1 has smashed the 24-year-old race record in the annual Cock of the Bay race. (Supplied/AAP PHOTOS)

Victorian yacht PP1, skippered by Damian Thomas, has taken full advantage of perfect conditions to smash the race record in the annual Cock of the Bay event.

The Melges 40 powered down the Port Phillip coastline to Mornington on Thursday, reaching a top speed of 27 knots in the 21-nautical mile race.

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