Colchester lathes are nice machines, with a good range of speeds, feeds, & screw thread cutting facility, The chipmaster is nice, if the price is reasonable, it has not been ill used, and you have the space & can move it, check the electrics as well as this can be tricky if you have to change voltages
These lathes are handy for general work, usually have a cam lock spindle nose, see how it is for tooling , 3&4 jaw also faceplate if it was well equiped and sounds nice running and was suitable for the work i proposed to machine i would seriously think about it