Personally I would cancel the sale, and relist it as a collection item, and then inform the buyer they Must bring the collection code with them for the release of their item.
New rules have come in recently, there is no cash on collection all payments for a collection item are now made through eBay checkout.
After payment, eBay send a code to the buyer, they Must bring this code with them. The seller either scans this code, or manually enters the numbers alongisde ... Confirm collection on the Order Details. This is solid proof of collection.
Explain this process to the buyer, and one thing , when cancelling use the option Buyer Requests to Cancel this will not impact your seller performnace, make it very, very clear in your eBay message to the buyer you are cancelling for it to be Relisted on eBay for them to buy from your eBay listing.
Make it clear and repeat it's being relisted on eBay, to show this is not an off eBay sale in progress. eBay's little bots read all messages through their system, seeing an iPhone purchased then cancelled could raise red flags.
@bobbydazzler212