That model 700 has a stainless 24" barrel from the factory in an effort to reduce barrel erosion. I know it looks blue, but Remington used some trickery to make it look that way.
The .264 failed early on due to the barrels of the factory rifles being only 24", not long enough for the slow powder needed to optimize the round. It brought little to the table that the .270 didn't already have. In a longer barrel, things would have been a lot different.
Winchester also brought out their model 70 "Westerner" with the same 24" barrel. You may remember their old ad in Outdoor Life magazine back in the '60's:
"It makes one hell of a noise, it packs on hell of a wallop!"
In my opinion, $400 for it is a steal.
With kindest regards,