I've seen year old bikes look worse than that, what year is it as the colour scheme is unfamiliar and what's its history.
I have a pentax colour scheme, original, it would pass for a well kept one year old bike, the most frustrating thing is I don't have a workshop or garage, come winter it goes into a storage facility, a bit expensive.
Your renovation will be of interest as I will have to do some to mine before too long so hope to get a garage.
D.