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Not that much - wheels is the big one, obviously (assuming Matt takes the Hopes) but then it'd just be a cassette and matching rear mech (and mech hanger), front brake/lever, new grips, mudguards? Then new bars and stem if you wanted to change them in time.
I'm tempted to do the same thing, but only if Matt ends up not wanting the wheels/I could get a seatpost long enough for me to ride it comfortably!
It's here and waiting...