Poundbury is an exemplar residential development scheme delivered by the Duchy of Cornwall that demands a certain level of attention to ensure its architectural merit and public realm is maintained to the standard originally delivered as part of Prince Charles’ Vision for a modern development.
As Poundbury has expanded, three separate Management Companies have been formed to manage, maintain and eventually own significant parts of common areas of the estate on behalf of residents in the long term.
Each household/owner is issued with one share in the respective management company (MANCO). The MANCOs are three separate limited companies, each managed by a team of volunteer directors – usually residents in the respective areas of Poundbury – and supported by a representative from the Duchy of Cornwall. The Companies are:
The Duchy retains a ‘Golden Share’ in each area of Poundbury which provides a veto if required – for example to prevent divergence too far from the founding principles of the Prince’s Vision.
Almost without exception, streets within Poundbury will not fall within MANCO ownership or responsibility (a notable exception being Holmead Walk in MANCO 1).
As areas (by plot numbers) of Poundbury become completed and sold, they are handed over to the Duchy of Cornwall (DoC) from the developers. Plans and specifications are checked by the DoC with correction where needed to a satisfactory condition. MANCO’s have no role.
Over time the DoC prepare some parts of the Estate for formal transfer and ownership by Dorset Council (DC), typically:
This process is known as adoption. As financial responsibility passes permanently to the DCC at adoption this is a complex process in terms of legal and engineering agreements.
All other parts of the Estate remain private, sometimes called common or community areas. During the period from handover from the developers MANCOs provide some management, maintenance and services to these areas by covenant with the property owners, with rules defined by binding stipulations. Eventually all private common or community areas will be assessed and prepared for adoption from the DoC to the appropriate MANCO. Typically, this means:
At this point the MANCO becomes responsible not only for management of stipulations and routine maintenance but also capital projects and asset replacement in order to preserve the quality of the estate. In other words, full ownership and responsibility. This process will require independent joint inspection to ensure the assets handover is correct, legal and reasonable as the shareholders will from that point forward pay for the full upkeep of the common areas of the estate. In summary the Poundbury estate will end up managed and owned either by Dorset Council OR a Poundbury MANCO. The Duchy of Cornwall will maintain a watching brief on standards by board membership on each of the MANCO boards.
Company Registration Numbers:Poundbury (MANCO 1) Limited – #02946917 Poundbury (MANCO 2) Limited – #03568444 Poundbury (MANCO 3) Limited – #04969598 www.duchyofcornwall.org
The managing agents have a duty to ensure that the interests of the Mancos are protected. They provide professional advice to the respective boards of directors, operate a reporting system to ensure that all faults, repairs and maintenance functions within the Mancos’ areas of responsibility.
Symonds and Sampson LLP are the appointed managing agents and act on behalf of all three Mancos.
The Poundbury Mancos property management team at Symonds and Sampson can be contacted on:Report Maintenance Now