Board’s Guiding Principles
The Board follows a set of principles in managing Boardwalk Place. These are detailed below:
- The estate should be managed and maintained at a high standard, reflecting the location and type of properties on the development.
- The estate should be managed in such a way to maximise and preserve the capital and rental value of the properties.
- The management company should be organised on a sound financial footing, meaning proper and realistic budgeting, and adequate funding of the Reserve Funds based on the independently prepared 10 Year Maintenance Plan.
- When tendering contracts, value for money should be balanced with excellence of service.
- The starting premise is that all facilities, infrastructure and services which were in place when the development opened should be maintained, and that we should ensure that Boardwalk Place keeps up with modern requirements as new technology and base standards for Canary Wharf residential developments evolve.
- Residents’ views and expectations vary enormously – one resident’s “unnecessary” expenditure is another resident’s “essential” expenditure. The directors have to take all residents views into account when deciding where and when to spend money and how much.
- The directors should adhere to best practice guidelines for managing residential developments. This includes monthly minuted board meetings, independent auditing of accounts, regular residents meetings and communication, and formal tendering of contracts.
- In common with other large scale residential developments, the estate has to meet the health and safety requirements of commercial work places, and the directors must adhere to legally mandated inspections / improvements as required, and in this respect they work to the advice / guidance of the Managing Agents.
- Service Charges have to be controlled and kept as low as possible, but reflecting the money needed to maintain and manage the development as outlined in the guiding principles.