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Well, I eventually took the bike to Cycles UK in Greenwich for a 'brighten and tighten' (love that phrase!), and here it is!
They fixed the mudguard, sorted out gears etc, but couldn't get the cranks off to regrease the bb, and apparently the headset only has the lower set of bearings (as the top half is plastic). Weird.
Also the hub has the date 12 78 etched into it. And most importantly it rides quite nicely!
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I think a brighten and tighten. It's in good condition, but needs a disassemble, clean and re-grease (the steering is far from silky smooth) and recable.
Not sure about upgrades tbh. Coaster brake? But then it's already got SA hub. Lighter wheels? But the current ones are so shiny! Replacing the current cranks with the set of grand mighty SG75s I've got in the parts bin? Hmmmmmm...
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Hey mate, what length cranks are you after? I've got 105 5700 170mm 52/39 in black.