Condor/Dawes/Gazelle job lot

I don't know what to think of that "Gazelle" frame. I have been through all of the catalogues of the eighties just to be sure, but I don't think the Gazelle race dept. ever made or had made a bonded frame. Could this have been made by Raleigh for the UK market? Or has someone stuck some Gazelle decals on it? I am leaning towards the latter.
 
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