I wouldn't spend too much money on it. It has all the hallmarks of being one of the cheaper brands sold from catalogues and places like Moto Save car spares. Such bikes tend not to last long as many of the components are low quality.
If you buy new pedals for it you will double its value.
Seriously, although it might look appealing to the undiscerning eye, it's not worth trying to upgrade any bits of it and I'd spend the bare minimum on getting it ready to ride. Second hand pedals is as far as I'd go as far as expenditure goes.