That was my first instinct too, but I went for the simpler translation, though I would tend to agree that if I was looking at a map trying to find my way and pointing I'd say north is that way, south is that way etc. Maybe if I was just looking at a map at home, or looking at an atlas, I might just say north is there, then again it's obvious where north is on a map :D Ok, I'm rambling now but I do agree that "north is that way" could work here
There's no way I would ever say "There's the north." "The north" is referring to a specific place, like Northern Ireland, or the Union during the Civil War, or the region in the Lord of the Rings. I would say "There's north" if I'm in the middle of the woods with a compass and a paper map, and I need to point north to figure out where we're going. If I'm going to refer to a place, I'm going to refer to it by its name, not as "The North."
Sounds like the place name Siberia would come from the direction "sever" север, but the etymologies in the Russian wiktionary (based on Max Vasmer) say the two words come from different sources.
Can a native Russian comment on the similarity of Siberia and север (sever)?