They are absolutely brilliant and a pleasure to use. I had the same model for 20 years but with longer bars. Have now got the big brother Arundel J4 Senior which is visually identical but scaled up.
Yes it will need some accessories so allow another £100 perhaps. Knob missing under the tool post - easy to bodge something e.g. wooden ball and araldite.Check the motor is 240V standard domestic supply and that it starts properly, check headstock spindle thread size - can you easily/economically buy chucks faceplates and suchlike? The bed looks short is it long enough for your purposes?
As good as this lathe and motor probably are bear in mind its likely 1970 ish, for my money see if you can get a Record lathe as spares and accessories will be easy to come by.