This little beast is the new Corsa. The Alfa Romeo TZ3 Corsa to be exact, unveiled at the Villa D'Este Concours d'Elegance. Amazing how context can elevate a word's mystique so markedly.

It's the latest car to come from Zagato, a coachbuilder/design house notable for luxury car conversions that are as unusual as they are exotic. Check out the Aston DB7 Zagato for proof - a car that shares a notable similarity to this TZ3, we feel.

Commissioned by collector Martin Kapp, the TZ3 follows Geneva's Bertone Pandion and Pininfarina 2uettottanta as the third piece of Alfa-badged exotica within a few months. All from external design houses, too.

But unlike that pair, this is a working racecar. The two-seater weighs a scant 850kg, largely because its body panels are made of aluminium and then wrapped around a carbon fibre shell.

Power is from a 4.2-litre V8 with 414bhp, directed to the rear wheels through a six-speed sequential transmission. Zagato claims a 0-62mph time in under 3.5-seconds and a top speed of more than 186mph.

Italian racing gear company OMP custom fitted the TZ3's carbon seats, racing harnesses and carbon steering wheel, and the 18-inch lightweight alloys are shod in Pirelli P Zero slicks.

Although commissioned by a customer, Zagato says the TZ3 is built in homage to the TZ and TZ2 Alfas - both of which Kapp has in his collection.

It's the maker's 100th birthday celebrations, in case you hadn't noticed, for which the aforementioned Geneva coupés were built. Sadly, they're all strictly one-offs, though Alfa is reportedly looking to add an affordable new sportscar to its line-up...