Hey Steve, it just depends on what you want. At that price you could do a nice refurb job as the bike is mainly there and you could easily have a bike worth £1500.
I got a small CB250RS not so long back for just over £200, it had been standiing for about 15 yrs. Got all of the blue plastics and tank off ebay, plus a good Motad 2 into one exhaust, new chain and sprockets, oil change and its just passed its MOT no advisories. I recon I 've spent about another £200 on it and I have a fantastic little bit of history for next to nothing. Just gotta ride it now!
I will do a complete strip down this winter and really bring it into tip top condition, respray etc, it's worth it.
Pics to follow.