Found it on our second attempt, after the cache had undergone a minor relocation.
Our first attempt was last night, but the coordinates and hint led us to a spot which turned out to be somebody's "home" -- so we didn't quite fancy the idea of rooting around in the dark (or even in the light).
Simon returned today, after Mike had kindly moved the cache to a more suitable location, and found the cache quickly.
We wouldn't recommend visiting this cache after dark, as it could be a little dodgy -- although the lit-up buildings reflecting in the water were quite pretty this evening.
TNLN. Thanks for giving us something to do between work and home!