The cast iron ventilation caps and access chamber cover form a single line across the diameter of the roof and have given the reservoir its nickname of Stonehenge.

Above the entrance doorway is a shield with gothic script, Sanitas est vita, and above that the following inscription "ERECTED / BY THE / METROPOLITAN BOARD OF WATER SUPPLY / AND SEWERAGE SYDNEY / 1918 AD".

All covered reservoirs are highly significant within the Sydney Water system, since all differ in construction technology, design and architectural detailing.

[4] Waverley Reservoir No.1 was listed on the New South Wales State Heritage Register on 18 November 1999 having satisfied the following criteria.

[4] The place is important in demonstrating aesthetic characteristics and/or a high degree of creative or technical achievement in New South Wales.

[4] The place has potential to yield information that will contribute to an understanding of the cultural or natural history of New South Wales.

All covered reservoirs are highly significant within the Sydney Water system, since all differ in construction technology, design and architectural detailing.

[4] The place possesses uncommon, rare or endangered aspects of the cultural or natural history of New South Wales.

One of a small group of large covered reservoirs in brick or concrete in the Sydney Water system, each demonstrating differences in construction, design and architectural detailing.

The construction of the elevated over the covered reservoir indicates the high level of engineering expertise available in the MWS&DB; in the early 20th century.

[5] The place is important in demonstrating aesthetic characteristics and/or a high degree of creative or technical achievement in New South Wales.

The construction of the elevated over the covered reservoir indicates the high level of engineering expertise available in the MWS&DB; in the early 20th century.

[5] The place possesses uncommon, rare or endangered aspects of the cultural or natural history of New South Wales.