G'day Josh,
The walk to Fry's starts at the red arrow on the satellite image I have included. The blue arrow (to orientate yourself) is the bridge coming into Sheepyard Flat from the Mansfield-Buller Road.
In regards to good walks in the area, I would highly recommend getting yourself a copy of the Buller-Howitt Area SV Map. Apart from being handy for navigation, it's got a heap of good walks marked on it. I have the Bushmaps Victoria one also. It's not as nice to work with as the SV but it does have some other information that can be handy for walkers, especially those on multi-day, more remote-area outings (e.g. reliable water points).
I would definitely recommend doing the walk to Fry's next time you're there though. It's quite a scenic trip and has some interesting historical points along the way. With lunch at Fry's it's a good half day outing!