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7th January 2007

I aim to be a premier league developer

The former England footballer whose new goal is building five-star homes in the Algarve

It’s easy enough to name some of the sports celebrities endorsing luxury resorts and developments overseas – think Sir Steve Redgrave in Spain’s Lince Santuario or Seve Ballesteros in Estepona. But former footballer Tony Dorigo has gone one step further and is building his own boutique development.

Although the former England defender has no previous experience as a developer, he has just launched Vale da Lapa Parque on the Algarve, with two and three-bedroom villas ranging from €465,000 (£313,000) to €950,000 (£640,000).

It’s certainly a leap of faith, with Vale da Lapa lying just west of the heavyweight resorts Vale do Lobo, Quinta do Lago and Vilamoura that have attracted a wealth of international celebrities and holidaymakers for decades.

‘I have run my own businesses before selling luxury cars,’ says Tony, 41, who played for Chelsea, Leeds and Aston Villa. ‘I’ve always been interested in property and have also got a few investment apartments in Manchester.’

Tony, who lives with wife Heather, 40, and children Todd, 15, and Sasha, 12, in Hartford, Cheshire, mapped out plans for his new venture with his partner Eric Bain over a long drinking session when they ‘scribbled notes on napkins’.

Rather than develop in the UK, where profit margins, they say, only just reach double figures, Tony and Eric pinpointed the Algarve – an area they both knew – where they are expecting returns of between 30 and 40 per cent.

Indeed, 14 of the 85 units being targeted at a British and Irish market in the 30 to 55 age group have already been snapped up. ‘We took our time with finding the right place. It’s a prime piece of land and this area is already well established,’ says Tony.

Vale da Lapa sits on cliffs above the Atlantic between the fishing villages of Carvoeiro and Ferragudo. Faro airport is only 35 minutes away and flights to the UK take just over two hours.

An 18-month building programme, funded in full by a British bank, begins next month. Water gardens will provide streams, lakes and pools to enhance the tropical feel of the development.

There will be a limited number of three-bedroom, lakeside villas with private pools, and two-bedroom link villas (townhouses) with terraces. A clubhouse with communal pools, restaurant and health spa will also be on site.

It is worth bearing in mind the ‘hidden’ extras. In Portugal, VAT on new properties is up to 21 per cent, capital gains tax for nonresidents is 25 per cent and income tax on rent is 15 per cent – but there is no inheritance tax.

Contact Your Place Abroad, 0800 731 0837, www.yourplaceabroad.com