There are a few walks available, as outlined in this national park link. Due to the late night, we thought we would take the most basic walk and make it to the end of the boardwalk. As it was quite dark, it added a bit more of a sense of adventure to the walk.
After reaching the end and viewing the shore on both sides of the platform, we made our journey back up to the carpark. Cape Schanck is a nice stop to include if you are down the Mornington Peninsula end and you are looking for some beautiful, photogenic views.
If you visit during reasonable hours during the day, you can also visit the lighthouse and have a tour.