This bridleway was once part of the Winchester end of the former Didcot, Newbury & Southampton Railway. It was purchased by Hampshire County Council in 1970 for improvements to the A34 - but this section remained unused.
It was immediately adopted by cyclists, horse riders and walkers alike, and until very recently, was a secret that only locals knew about, until it became an official bridleway in 2001.
The tracks, and trains, have long since disappeared, of course, but remnants of the old railway can still be seen... including what I believe is an old signal box (although feel free to correct me if you know better!).
The "Dips" of the name are the bike dips that you may come across on your way to the cache - used for years by young riders, they now appear to be off-limits.
Recommended parking is at N51 06.080 W001 18.499 - although is possible to drive much closer to the cache if you are that way inclined. I would not recommend this in anything less than a 4x4, however, as I have punctured tyres (yes, plural) down this track in the past. The track isn't that difficult, but the odd flint stone can cause a problem.
The cache is an ammo box, and contains the usual trinkets and a log book. Once you find it, think about getting back down again!
Don't twist your ankle on the way back down like I did! You might want to slide down on your bum. This is a cache with a terrain rating of four for a reason. Please bear it in mind before attempting the cache.