Is this my HWC drain valve and where does it go?

[hgee1205]

Hi
I might need to part drain my HWC to fit a new Essex flange washer and I posted an earlier message thinking I did not have a drain valve , however I have noticed a valve connected to the cold supply which , if the cold supply is isolated , looks like it will drain the tank .Please check the images
If so , where is the water going to drain? The pipe just disappears downwards and I am wondering where the pipe is likely to go?
If this is a drain valve , do they normally do this?
Thanks

 

[ShaunCorbs]

Yes by the looks of it yes

Under the floor / outside or maybe to drain