The cache is hidden in a lesser known part of the Arthur's Seat State Park. See Arthurs Seat State Park - Visitor Guide or Arthurs Seat State Park - Arthurs Seat Summit for more details.
There is a well formed circuit track that takes you right to the cache. You do not need to leave the track to find the cache. If it has been raining recently, there is a small waterfall nearby after which the area and cache have been named.
The cache location is close to the Two Bays Walking Track. The track is 26 km.s long, starts at Cape Schanck on Westernport Bay and finishes at the base of Arthurs Seat near Port Phillip Bay. I will eventually place several caches along its route.
The cache is a 1 litre cliptop box.