Penny Lane is more than just a Beatles song, it is an actual location in Liverpool, England. Paul McCartney wrote this song reminiscing about the times he and John Lennon would sit at the bus stop on the roundabout and wait to get a ride into the city center. From the Bus Stop, you can survey all the locations described in the song.
Penny Lane is actually not that long of a road. it starts out in a residential area and after you go over a bridge that covers the railroad track it turns into a business area. You can easily walk the area in less than an hour or so. Also up the road at number 60 is the former home of Queen frontman Freddie Mercury