Thanks everyone for the replies.
I've just picked up the frame an hour ago along with a kind of modern unused cotterless crankset (that sort of looks like an old school cottered CS) all for the princely sum of £8.50!!...couldn't resist it, mid week so no one bid on the frame and the CS, plus the guy lived a mile away.
Googled and saw Toykobikes retail at £580 new here in London, so what can you do.
Co Mo..nothing special weigh wise..feels seriously heavy compared to my 531 DB and even my cheap, nobody loves you, 708 Reynolds frame but I wanted something that was more head up/slow mo for London traffic ..it's hectic here!..and pootling along the canal (live on a boat).
So thought i'll be setting it up as a straight bar 8 speed with Acera/Sram gear..as far as I can see that's similar to the shop set up. (cheap and cheerful). But as all I've had in the past has been 700c and 27", I wasn't sure about the 650c wheels..thought 650..26"..MTB...hybrid... ??
I'd realised that 26" was a varied genre though but I've got some long drop, sidepull, no name brakes doing nothing (Tektro from the look of them) and will get hold of a pair of MTB wheels off a friends' Cannondale and see what fits and what doesn't..do it by eye and then back to ebay to pick up necessary wheels, slick tyres , slap on an old saddle and straight handlebars and stem etc..should have a very nice, cheap city hack.
Thanks