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@Some_guy
As said above, the hole was originaly only used to mount the mudguard. It looks like it still has the braze on for a hub/drum brake, that's the slotted thingy on the left chainstay.
If a back calliper brake didn't have a long enough bolt? A front nutted brake calliper would probably fit, and you could cut the bolt down. The seatstay bridge is far from delicate on these bikes, they seem to be made from scaffold poles!
But a postmans bike with its super relaxed angles, and without a front tray or mudguards, looks like a ratty path racer project bike to me. But I'm stupid.
I bought mine of gumtree a while ago, an made a cheeky offer. There were a few available at the time, none of them were more than £90. They're big heavy beasts!