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@pip
I'd say nope on the Argus - not for that price. The frames got steez but basically its just a nice looking conversion ie road crank, converted road hubs etc. You could do the same for much less than 300 quid if you look around. See lots of lo-pro frames on ebay.
If you can talk him down and you like it, it might be worth it. Always good to test ride and haggle in person then deal with god knows what problems come with bikes from Ebay.