I'll second everything JDNSW put above. So, what do I think it's worth? Something between what the owner wants to get and what you are willing to pay. But I'd guess a reasonable figure (which is a stab in the dark without seeing it) might be between $1000.00-$2000.00 depending on factors such as the original Rover motor (1600 up to '52 - 2000 Siamese bore there after) and running gear, chassis / firewall condition etc. Running is good!
I say come to a fair agreement with your friend and go for it - they are such lovely vehicles....and as they say, you don't have to be mad to feel this way, but it certainly helps.
				
			 
			
		 
			
				
			
			
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