There is also another handlebar post that is height adjustable and you can also replace the stem for reach. My bike came with this style of handlebar, see second pic.

The first pic is how the bike looks now, which has the sport handlebar (adjustable height) and it is now running 406 sized Velocity wheels. I have the 105 crankset, with the original chainring and guard installed. It is 10 x 1 speed.

The rear rack did not have wheels on it but I tapped in threads and used a set of Brompton rack wheels I had lying around. All working well!