Here's a breakdown:
* Ilkley Moor: A prominent moorland area in West Yorkshire, England.
* baht: This is a dialectal pronunciation of "but" in Yorkshire.
* 'at: This is a contraction of "that."
So, the full meaning is: "That (Ilkley Moor) is in sight."
It's often used as an exclamation of excitement or surprise, particularly when someone arrives in the area and sees the distinctive moors for the first time.