Every project has a start

I had my beloved bicycle stolen this week from the ''secure'' car park with cctv cameras around. When I went to check up on it that day, it wasn't in the usual spot and I just knew it had been stolen as there had been a notice in the apartment's notice board that a couple of bikes were stolen over the weekend. People would say that I am normally a rational, level headed person who gets rarely upset when things go wrong. But after the bike was gone, I felt terrible and barely slept that night.The bicycle in question wasn't even an expensive racer or mountain bike but I adored it anyways as it was the way I had set it up for myself. It had started out as a Raleigh Urban 1 Hybrid but had been modified over the course of a year and a half by myself to become a touring bike which was my pride and joy. So, over the last few days, I had to get used to the fact that I wasn't going to see it ever again and that some random stranger had it in his possession from now on.

This is a picture of it:

In order to try to think in a positive way, I decided to do some research on whether to get another second hand bike or build one from scratch from parts to keep my mind busy.I knew that I wasn't afraid to get my hands dirty and that I would be able to restore/upgrade an existing bike with the help of a bike mechanic. Also, I had always wanted to build a bike up by myself as I am fond of DIY projects and was looking forward to a challenge.
At first, I thought I would just get a second hand bike and modify it to suit my needs. But after careful consideration of my finances, I realised that wasn't going to be possible due to being unemployed. Thankfully, I got very lucky this Sunday when Arthur offered me his old racing bicycle after hearing that my bike was stolen. The bicycle is an old Raleigh Modele 5  from 1977, that had been sitting in the shed for the past 2 years.

This is it in its current state:

I had seen the bike before in the shed and knew that it would suit my smallish size(5ft3'). Also, being made out of lug steel, I knew it would be a good starting point for a touring/racing bike.
So the plan is to salvage as much as possible of this bike and upgrade the drivetrain to modern standards such that it can cope with racing/touring.
Tomorrow I will have a proper look at it first thing in the morning and draft a plan of action then.
Will write an update then :)