McVeigh's waterwheel is of local significance as a rare surviving example of a large number of water wheels that were constructed in the area for powering mine equipment, sawmills, and other uses. Its significance is enhanced by its association with MMBW survey works for the construction of the Upper Yarra dam, works which resulted in the flooding of McVeigh's Hotel.

Physical Conditions: Excellent

Integrity: Removed from original site