"The Plimmer family is keen for the reserve to be preserved in its natural state and have indicated a willingness for council to 're-gift' the site back to the family," he said.
The land had a 2013 valuation of $205,000.
But Mr Toy said use of the reserve was hindered by a lack of access across a deep gorge between the road and the reserve. Pedestrian access would need a track down each side of the gorge and then across a ford.
He said building the tracks would costs about $15,000 with future maintenance costing about $5000 a year.
The only other option had come from a local beekeeper who had expressed some interest in entering into a licence to occupy a piece of the reserve, putting about 20 hives on the land and paying an annual rental of $1000.