Even if it's in great condition it's a 5 year old bike now and new they're only about £700 - and the new frame and groupset is bound to be a whole lot better.
See what reaction you get if you offer £150, what are the rest of the components? is it 105 throughout? If it is then providing the frame is OK no splits or not too many stone chips, then I'd go to £200, but no more.
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