The main attraction of Waterfall Gully is the waterfall, First Falls. It is at the south-eastern end of the road, in land owned by Cleland Conservation Park. The weir at the bottom of the Waterfall was constructed in the late 19th century and was part of Adelaide's early water supply. Development in the area has continued since the construction of a restaurant in 1912. Developments over recent decades have included improving access to the site, upgrading the bridges, and the addition of new signage.