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@pip
I'd second the motion that it was built for 27" wheels and fenders, hence the massive clearance. Plenty of very long reach caliper brakes out there now, if you find the Tektro isn't quite cutting it.
The brake hole can easily be modified to allow for recessed bolts. Ask around at your LBSs etc. Just really need a drill bit of the right size. You may find though that its just easier to use a nutted brake depending on your situation.
[EDIT: I talked some rubbish about JIS vs ISO here originally.. Taper is immaterial of course. BB threading will be English. So just get an english threaded BB that matches your crank. Guessing it also has a standard 68mm shell, which you can easily measure].