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I've not bought any of the MKII Terran ships before. Is this a Cruiser or a Heavy Cruiser?

That's either, depending on what bit gets put in the center.

It's currently a cruiser.

That is right. A Teuton Class Cruiser.
The heavy cruiser is a lot bulkier in the middle and rear:

And actually, it is the Mk III Terran cruiser; there was another model between the Sentinel and this one!