Which budget bike (say <£500) has the best frameset?

The reason behind the discussion being a possible N+1 purchased in the bargains for use as a summer bike. I already have almost everything else covered!
The hypothesis being that buying a budget bike with a decent frameset, selling the unwanted parts (probably groupset and wheels) as new and replacing them with better components might be the best way to build a decent bike for less than the cost of a bike built with an off the shelf frameset. I reckon it could be done for less than it cost me to build my Kinesis that way, despite the use of some used bits here and there.
As an example, Munzy's lovely looking Felt F95 retails for a ridiculous £365 @ Merlin before his upgrades.
viewtopic.php?f=40044&t=12978069
The geometry of that particular frame might be a bit low and long for myself. The Z95 might be better, but is £454 at Wiggle. Obviously this eats into the hypothesis somewhat, as the components are the same
Are there any other alternatives you guys would recommend? Which budget bike has the nicest frameset and is most worthy of upgrading in your opinion?
The hypothesis being that buying a budget bike with a decent frameset, selling the unwanted parts (probably groupset and wheels) as new and replacing them with better components might be the best way to build a decent bike for less than the cost of a bike built with an off the shelf frameset. I reckon it could be done for less than it cost me to build my Kinesis that way, despite the use of some used bits here and there.
As an example, Munzy's lovely looking Felt F95 retails for a ridiculous £365 @ Merlin before his upgrades.
viewtopic.php?f=40044&t=12978069
The geometry of that particular frame might be a bit low and long for myself. The Z95 might be better, but is £454 at Wiggle. Obviously this eats into the hypothesis somewhat, as the components are the same
Are there any other alternatives you guys would recommend? Which budget bike has the nicest frameset and is most worthy of upgrading in your opinion?
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Genesis Volant 10
Giant Defy 3
Or shop for a frame second hand you'll get something prtty nice for 500