The road leads down through one of my favourite hidden valleys and up towards the A417 and beyond to Winstone. There is a nice footpath which takes you through a wood and into the valley beyond Paynters Cottage. The valley then takes you on towards Elkstone with a few caches which can be found on the way.
There are a few places to pull in along the road if you want to cache and dash, but I'd recommend walking on down through the woods. The cache is a screwtop beaker with a pen with room for a few swaps and bugs.