I think that sounds like a bargain at 700 E's tbh., PROVIDING you are confident and knowledgeable enough to do some of the work yourself.
Minis are highly desirable amongst collectors now, and the vans, pickups in particular are fetching crazy money, probably because of their rarity.
I would consider a 1275GT to most definately to come into that catergory now too. Very very rare. Can't remeber the last time I saw one tbh.
Is there a Mini owners club out there by chance? Couild be worth having a word with some of the members if so, and taking someone with you to have a shuffties.
If you can afford the renovation GO for it!
Where's LL stand on this btw?