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@Dammit
I bet you £20 that after you give him your address he'll say something along the lines of "I'll include £250 on top, could you please give it to the guy who picks the bike up".
It's a classic fraud- used to be done with company cheques as they always clear.
You'll get money in your PayPal, hand over the bike and some cash, then PayPal will pull the money back as it has come from a hacked account.
You'll be down the bike and some cash- and with nothing you can do about it.
Report to eBay.