The cache is not at the above coordinates.
Instead you need to answer the following questions relating to my hobby in order to determine the final coordinates of this cache.
If you don't know what on earth I'm talking about in the questions below, don't worry - with a little research you'll soon work out what my hobby is and find out all about it! Who knows, you may even decide to become an enthusiast yourself!
Of course, if you already are, you'll answer the questions in no time at all 
Cache location: N 51° 32.ABC W 001° 45.DEF
Where:
- A = N gauge (in mm)
- B = British TT gauge scale (mm:ft)
- C = The number of driving wheels on a Pacific class locomotive
- D = Number of pins in a standard British N gauge DCC decoder
- E = Two times the number of routes through a single slip
- F = British O gauge scale (mm:ft)
Once you have the final coordinates, you are searching for a magnetic nano cache.
You can check your answers for this puzzle on GeoChecker.com.
Happy searching !