@Kremmen Thanks for the offer of help. Here’s a link to a 500w air cooled spindle I have my eye on : http://www.aliexpress.com/item/CNC-Spindle-Motor-500W-power-supply-mounting-bracket-4-x-Screws/846164469.html
It’s got pretty good reviews and costs only $105 shipped by fedex to Finland. I’m interested in any comments you (or anyone else) may have on these cheap chinese spindles. I hope to be able mill wood, plastics and maybe some aluminium (slowly). Would you think this spindle is up to the task / a good choice ?
@Otter Thanks! There seems to be a consensus that space can be found for it. We are probably going to mount some handles and/or wheels so it can be tucked away under a woodworking bench so as not to take up too much space. 
Project Update: @Depili found us a nice flat tabletop to use as a base as the plywood we bought from K-Rauta wasn’t very flat. It should work well as sacrificial board but isn’t up to the task of the main base. We cut the tabletop down to to 120cm * 100cm which will leave some extra room for the electronics and and handles etc… Next @daned33 and I cut the pipes to 120cm and 80cm lengths and started to put it together but had a couple of issues with some of the printed parts being quite tight and needing filing down a bit. We also broke one of the corner blocks as it was poorly printed as I printed it too fast and there was some under extrusion problems. AFAIK @daned33 is printing a new one as `i write this so we’ll try and put it together early next week. WIll post some more pics then.