That's pretty much bang on what I'm aiming for. So what's the rear mech on that, and what shifters?
It's an old Shimano Tourney and a plastic 7 speed thumbshifter that I picked up on Ebay, both pretty cheap and nasty, but they work well enough for pootling about town. I often leave the bike locked up unattended, so cheap and nasty looking is a positive in that respect.
I paid £30.00 for the bike and spent another £100 or so on the rack, mudguards, a single chainset, new headset and bottom bracket, some new cables and better brakes - the original cantilevers squealed like a banshee and weren't very "stoppy", even with new brake shoes. I use a really beefy Kryptonite M 18 D lock together with a cable lock, so it's generally better locked up than some of the nicer bikes locked up nearby - so far, so good.