Unable to hang up his entrepre-neurial boots just yet, the former Dragon’s Den star is reportedly making a “substantial European investment” with the establishment of the new venture; renovating and developing properties in the Algarve.
According to a spokesperson for the charismatic Scotsman, the business aims to “bring homes that were part developed before the recession then abandoned when the downturn hit Portugal badly, back to life.”
The first five homes are now on sale, marketed through company Ideal Homes Portugal, and have already attracted the interest of British couples wanting a place in the sun.
Duncan, who is chairman of UK health club chain the Bannatyne Group, bought his Algarve villa with the aim of retiring with his fiancée Nigora Whitehorn and building a new life following his BBC TV success and a challenging 10-week stint in the jungle on ITV’s ‘I’m a Celebrity get me out of here!’.
The couple became engaged in June and plan to marry next year.
But the lure of business has proved too strong to stop the savvy tycoon from exploring all the possibilities to add value to assets that have been in need of love and attention.
Bannatyne and his new Portuguese partners are in the process of completing the development of his first project, five houses in Apple Tree Lane in the quaint town of Almancil in the Algarve, in an exclusive development with prices starting at €475,000 each.
The villas each comprise three en-suite bedrooms, two sun terraces, a private garden and access to a large swimming pool.
Bannatyne said: “The project was half built then abandoned during the recession which hit Portugal pretty badly. However, all of us living here in Portugal can see a marked upturn in the prosperity of the country. In my opinion property prices in the Algarve are selling below their true value and will rise quickly over the next few years.”
He added: “The recovery in the property market in southern Spain has been rapid and sustained. The effect is spreading to Portugal and the Algarve is at the beginning of a remarkable upturn. I have invested at a time these properties are still within reach of Brits, and other nationalities, with an appetite for a place in the sun and an understanding of the need to buy at the right price and the right time.”