Up until 2009, directly opposite this Geocache was home to a number of industrial mill buildings.
They included the Britannia and Portland Mills, which were built in the early 1900s.
A major fire, which started in a property formerly occupied by the mattress manufacturer Elson and Robbins, gutted many of the buildings on the site and almost all of them were demolished.
The only remnant of those mill buildings was the chimney, which has been used for the stationing of telecommunications equipment, along with some of the factory walls, which act as a boundary for the site.
On Sunday, June 28th 2020 the chimney was flattened so the site can be redeveloped to make way for 109 new homes.
UPDATE: As of Autumn 2022 building work has ceased due to the developer contract being terminated. https://www.derbytelegraph.co.uk/news/local-news/gallery/work-stops-109-home-long-8571226.amp
You're looking for a well camouflaged cache, hidden in plain sight. Please replace exactly where you found it. Try not to look suspicious :)