"I just went like crazy and at the top there was nobody else there," said Alabasini.
"With just one kilometre to go, I knew I had a good chance. Now we have got the lead we are going to see if we can keep this jersey all the way to the race finish in London."
The riders will travel 171.3km between Minehead and Teignmouth on Tuesday ahead of Saturday's eighth and final stage in London.
Stage Three Results:
1. Michael Albasini (HTC-Columbia) 3hrs 40mins 37secs 2. Ian Bibby (Motorpoint-Marshalls Pasta) at 0:08 3. Stijn Neirynck (Topsport Vlaanderen) at same time 4. Cameron Meyer (Garmin-Transitions) at 0:21 5. Mark McNally (AN Post Sean Kelly) at 0:28 6. Simon Richardson Sigma Sport-Specialized at 0:31 7. Richie Porte (Saxo Bank) at 1:15 8. Jack Bauer (Endura Racing) at 1:16 9. Tony Martin (HTC-Columbia) at 1:18 10. Johnny Hoogerland (Vacansoleil Pro Cycling) at 1:24
1. Michael Albasini (HTC-Columbia) 10hr 57min 01sec 2. Greg Henderson (Team Sky) at 1:26 3. Richie Porte (Saxo Bank) at 1:28 4. Borut Bozic (Vacansoleil) at 1:41 5. Johnny Hoogerland (Vacansoleil) at 1:46.
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