Thanks for the responses guys.
The bike is currently covered in spider webs and dirt, and the paintjob is horrendous in my opinion. Other than the frame, the brakes and the tyres, everything else will need to be replaced.
I plan on stripping it down and giving it a respray since I need to be putting on new components anyway.
Interesting that this is a cross bike. I had no clue. Any ideas on how a cross bike would ride as a single speed for recreational purposes?