A relevant, useful redirect would be the easiest way to handle that. But if I thought the link was valuable in terms of visibility and referral traffic, I'd probably publish something new on the URL.
Bridge content can be helpful. It serves the needs of people looking for something specific while introducing them to the rest of your site.
An example of bridge content is like an article on a bicycle Website that talks about shoes, and a shoe Website links to the article. So people who are interested in shoes may be looking for good bicycle shoes and your bicycle shoes article mentions some of the bicycles you review/sell on the rest of your site (linking to them).