Let me try to explain why I think Simon is totally wrong on this.
We have seen too much of this lately, what appears to have happened is that a trader has turned a £150 complete bike into about £500 by pulling it apart.
This could finish up costing about £500 or more.
If it was supplied originally as a frame only it would have had head set and bottom bracket, not even those are in place.
The way to do this is buy a complete bike, possibly built by one of the many specialist builders, then improve and repair. These mid range Carltons were good, and very expensive new, but you could find better value.
By the mid 50s I was selling silver brazed frames with butted 531, campagnolo ends, Nervex pro, silver brazed to spec by one of Birmingham's best for £10.50.
Keith