Why would it be bullshit?
1.) Im not in a hurry for the money that's why I was considering in holding on to it and developing it.
You said you initially ignored it, that's why I would sell it after receiving a considerable offer.
2.) Its a dictionary keyword, and it will appreciate in time. (Even if its a marginal increment.)
There's over 250,000 words in the dictionary. Having a dictionary word doesn't mean it's all of a sudden valuable. You agree it might only appreciate marginally; why not sell and use the funds elsewhere for a better return?
The keyword alone gives you sfa about the intent of the searcher (provided you disregard the people searching for it are looking for the Brisbane restaurant).
3.) It has a OK exact/broad search volume. So Im sure I can recoup the same figure over time through Adsense.
I would hazard a guess that all these searches are based on existing brands and that searchers won't be interested in your website.
1300 local exacts, which at least half (although I'd personally say 90%) are for the Brisbane restaurant named Urbane. I couldn't think of a better suited buyer. I'd guess perhaps they made the offer and no-one else is likely to offer more than them if that's the case.
Don't be so sensitive about my bullshit comment. You asked for comments and I gave one. If they're always positive, that's not a good thing. If it'll make you feel better, feel free to post some snide remarks on my posts elsewhere.