Paul Wallace – a History of property expertise

In 1946 having served in North Africa during World War II, Captain Paul Vivian Wallace returned to Civvy Street and soon after joined the Estate Agency firm of Crawter & Latta at their office in Turners Hill, Cheshunt becoming a Fellow of the Auctioneers Institute (FAI).

In 1949, Paul started his own business “Paul V Wallace”, Estate Agents and Surveyors, purchasing an attractive bow-windowed cottage on the “High Path” at 20, Amwell Street, Hoddesdon opposite St. Paul’s’ Church, in the early years, attending appointments on his bicycle with his wife Molly as secretary.

In 1954, Stanley Vaughan joined the practice as a negotiator and later office manager.
Peter Haynes joined Paul and Stanley in 1959 after having worked for some years for his Uncle, Herbert Haynes who had a small Agency for Horticultural Business at “Cillocks Orchard” Hoddesdon.

The Business was by now growing with very limited competition, the other Agents in the Town at that time were Arbon & Upton and Bridgeman & Son which later became Roger Lee & Co.

The catchment area of the business also expanded and by 1962, the office was handling house sales as far apart as Enfield, Harlow, Bishops Stortford, Buntingford, The Hadhams and Royston. It was logical therefore to open a second office at the former Lloyd’s Bank premises at 76-78 High Street, Ware covering the more rural areas.

With the re-development by the Heron Group in 1964 of the new Tower Centre shopping precinct, the office at Amwell Street was demolished. As a result Paul Wallace purchased “The Old Cottage” at 19, High Street at the other end of the Town which was converted to offices boasting a generous Car Park. The move also coincided with Peter Haynes and Stanley Vaughan becoming partners in the business which was re-named PAUL WALLACE & PARTNERS and the opening of a Cheltenham & Gloucester Building Society Agency whose float was kept over-night in a huge ancient safe. One morning the office was opened to find the safe stolen but the same day it was recovered by suspicious police following an Austin 1100 whose erratic driving caused by the weight of the safe lifting the front wheels off the ground enabled an arrest and the recovery of £40!

Estate Agency in those early years was very a different business with 9.00-5.00 Monday to Friday opening hours (closed for lunch 1.00-2.00pm!), Paul Wallace being one of the first Agents in the 50’s to open “all day on Saturdays”. Houses and gardens were measured by two negotiators using tape measures or measuring sticks and black and white photography without internal pictures. There were no photocopiers, faxes or Property Misdescriptions Act, For Sale Board legislation, HIP’S, Money Laundering or Health & Safety Regulations to comply with and negotiators erected For Sale boards themselves. Sales particulars started to be produced with Polaroid pictures in the 60’s and run off by hand operated Gestetner machines and a traditional “serving counter” separated staff from customers. Secretaries took dictation and used manual typewriters and carbon copies. On new developments, show homes were just completed stock units without furnishings and many a cold weekend was spent by negotiators waiting outside in their cars hoping for visitors to arrive and view.

Expansion

1965 Saw the beginning of an expansion programme and the amalgamation with Bryan Bishops’ office at 43 High Street, Waltham Abbey. Bryan became the Partner in charge of the office with an agency tie to The Cheshunt Building Society. In 1967, a further office was acquired from James Neilson at 113, Fore Street, Hertford which had an established Agency with the Leek & Westbourne Building Society.

The next move was to Old Welwyn where Bryan Bishop opened an office at 43 High Street, managed initially by John Callaghan. Epping was the next office to be opened in 1969 where a freehold shop was purchased at 82, High Street to the south of the Town Centre.

Many large and important houses were sold over the years including Sir Cliff Richards home at Nazeing, the Glasgow Stud Farm, Whitewebbs and contacts at Tottenham Hotspur and Arsenal entailed contracts to source new homes for various Footballers in and around Broxbourne.

Commercial and Printing departments open

The Commercial Department was launched in 1970 at 19, High Street, Hoddesdon with three qualified staff, Peter Derrick, Gerrard Wade and John Waters dealing with the sales and rentals of offices, factories, shops and yards. An in-house printing department was set up in the basement at the Hertford office in 1972 with Bob Tompkins as manager producing property particulars for all the offices under the banner of Paul Wallace Printing – “PWP”.

Big changes

Due to the recession in the property market the offices at Epping and Welwyn were closed in 1975 and 1979 respectively, the Epping office becoming Nicholas, Faulkner & Almond Estate Agents. (Bernard Almond later joined Paul Wallace shortly before his retirement in 2006). The Waltham Abbey office was sold as a going concern to Ian Gibbs in 1978. 1980 was a significant year of change. Paul Wallace who was also a Partner with John Watson DFC of Edwin Watson & Sons who had offices in Royston, Bishops Stortford, Cambridge and throughout East Anglia decided it was time to take a “back seat” retiring to Guernsey. Peter Haynes at this time became the sole Proprietor of the Hoddesdon based Business. Stanley Vaughan transferred to the Ware office which continued to trade as Paul Wallace & Partners but due to continuing ill-health he sold the business after a few years to David Marshall and it later became Keith Ian’s office.

The Hertford office was closed and became an Insurance Company whilst the printing business was handed over to Bob Tomkins who moved to new larger premises in the Town and is still trading successfully as “PWP Acrolith”

Peter’s son Neil Haynes joined the business at Hoddesdon in 1980 after leaving the Halifax Building Society in Norwich.

In 1982, the Agency joined “Property World” a National Network based in Yorkshire. The Scheme was successful for a few years but eventually dissolved due to lack of Regional support. The National Association of Estate Agents grew in strength, Neil passed the NAEA Diploma exams and the firm became strong members with Neil serving on the Area Committee.

Brookfield

By a chance discussion with an Officer of Broxbourne Council in 1983, Peter Haynes learned that the proposed “Community Centre” building at the new Brookfield Centre in Cheshunt was not required, although now built! He suggested it would be suitable as an Estate Agents office and subsequently negotiated a lease from the Council.

Neil Haynes was appointed as manager and many will remember this unique octagonal detached building with 30’ high ceiling in the car park of Tescos first super-store. An agency with the Halifax Building Society was secured and among many innovations including the first self service property displays, we were the first Agents in the locality to open seven days a week, late evenings and until 9pm on Fridays!

John Callaghan re-joined the Business in 1984 after spending 10 years with agents in St, Albans and Broxbourne becoming Manager of the Hoddesdon office.

Land & New Homes Department

Whilst the firm had always secured land for developers and sold new homes from the offices, Paul Wallace New Homes was set up as a separate department when Peter Haynes secured Sole Agency instructions on a 600 unit estate at Dartford, Kent for Rialto Homes. Three years later another site in Erith, Kent for 500 homes was acquired for Rialto and the Kent Paul Wallace sub-office flourished. Throughout our history, our knowledge of the area, planning expertise and connections with land-owners, the horticultural business and both local and National Developers has fuelled the success of our Land & New Homes Department which enjoys a valued reputation for being the strongest in this field locally.
During the heady eighties, various parcels of former Green Belt or Horticultural land was released for housing and due to Peter Haynes knowledge and connections with various Nurserymen and land-owners, contracts were negotiated with many National and local developers and Paul Wallace enjoyed a booming period of New Homes sales, particularly in the Goffs Oak and West Cheshunt areas with as many as 40 staff selling on up to twelve different sites at one time.

Professional Department

In 1984, Roger Lee FRICS dissolved his partnership with Nick Leach (Roger Lee & Co) and joined Peter Haynes moving to first floor rear offices at 19a, High Street and opening a new Chartered Surveying Department – Paul Wallace Professional.

Roger’s family background was Estate Agency, his father was one of the founding partners of WH Lee (later taken over by WH Brown then Sequence) and choosing to follow the Professional route, he quickly built up the surveying business and developed a large client base and management portfolio also being on the Survey panel of most major Building Societies and Banks. He has over the years also built up a reputation for Structural surveys and Agricultural/Horticultural/Taxation specialist valuations.

The C&G Agency was closed and the Hoddesdon residential sales department moved from the “Old Cottage” to Roger’s old office at 70 High Street next to the Post Office. Curwens solicitors took a lease on the original Paul Wallace building at the front which is known as Estate House.

In 1985, Neil Haynes and John Callaghan became Partners in the business responsible for the Brookfield and 70 High Street, Hoddesdon offices.

Also in 1985 on the land previously earmarked for residential housing, Marks and Spencer opened a new superstore at Brookfield next to Tesco. This necessitated the demolition of the Paul Wallace “Community Centre” office building and someone forgot we had a lease. After some embarrassment, various negotiations and the moving of the whole M&S store 30’ south to provide an extra shop unit, we moved into new purpose-built offices located centrally between the two Super-stores. Peter Haynes idea to put “main entrance” over our shop front was not acceptable to Tesco and M&S!

Financial Services launched

With the growth in the provision of financial services from Estate Agents during the mid eighties, a new “partnership” between Neil, John, Malcolm O’Donovan and David Davis offering in-house mortgage services was set up in 1987 called DDA and Paul Wallace were among the first Agents to offer these facilities. At the launch of one of our valued Rialto Homes sites, FTB’S were queuing up at the Brookfield office to be signed up for mortgages at 20 minute intervals until 9.00pm and the development of 24 flats sold out in a matter of days!

Subsequently, Malcolm joined Lifetime Financial Services and ever since our residential offices have enjoyed an in-house mortgage advisor and the efficient services provided by Lifetime Wealth Management one the largest and most professional companies in the FS industry.

Boom and (almost) bust!

The eighties were a bountiful period for Estate Agents. House prices were rising at alarming rates and at the peak the Brookfield office sold 12 properties in a day. Every new instruction was a guaranteed sale and negotiators would rush back to their office, make one phone call, arrange a viewing, agree the sale and move onto the next one earning huge commissions. Another example was when the owner of another Estate Agents who was on a massive expansion drive approached the Partners seeking to buy the Business. When it was pointed out that the three Paul Wallace offices were making more gross profit than their 26 offices, the deal didn’t materialize!

With the Institutions continuing to buy up Estate Agents at up to £1m/office to gain exposure in the expanding financial services sector, a further approach was made from another multiple whose bid of over £3m for the Business was rejected due to the complexity of their proposals.

However, the boom soon turned to bust and with the removal of double MIRAS in 1988, the property market quickly went into recession and many home-owners fell victim to negative equity and repossession in the early nineties. At the time, a major new development by Leach Homes of 600 houses commenced at Turnford on the old Rochfords Nursery. Paul Wallace having negotiated the land sale to Leach Homes were instructed as sole agents but sales at Turnford Hall Village fell from 120 units in year one to just 13 units in year two.

Following the failure of another Hoddesdon Agent, their Halifax Building Society agency was transferred to our 70 High Street, Hoddesdon office and Paul Wallace forged a strong connection with the Halifax which lasted many years with thriving Halifax Agencies within both offices bringing hundreds of extra customers through our doors.

Whilst many Estate Agents sadly closed, the Firm was fortunate to survive this recession through shrewd business practice, a large cash injection from Peter Haynes as well as the securing by Neil Haynes of additional income flow as a result of the perfect timing of a Government White Paper proposing the widening of the A10 through Cheshunt, the subsequent blighting of hundreds of homes and Compulsory Purchase fees earned from negotiations with the District Valuer on behalf of home-owners affected. Although recovery was slow and painful, Paul Wallace Estate Agents, Land & New Homes, Commercial and Professional emerged during the nineties to achieve even greater success in the Lea Valley area over the following years.

Commercial growth

In 1992 following a quiet period after the original Partners left PW Commercial and Paul’s son Robin Wallace and then John Waters, both Chartered Surveyors ran it briefly before Paul Wallace Commercial was franchised to Keith Bridges, Aaran Forbes and Paul Wright working from the first floor offices at 19a, High Street, Hoddesdon. Later Keith left and between them, Aaran, Paul and Tracy Gidley have expanded the business of Paul Wallace Commercial ever since, moving to new larger offices at 57/59 High Street, Hoddesdon in 2009.

The story of the success of Paul Wallace Commercial who are now by far, the most active and knowledgeable Commercial Agents in the area can be attributed to the hard work and incredible local knowledge of Aaran and Paul whose patience and dedication to some major long term projects and detailed negotiations over many years finally came to fruition when the bridge was built at Essex Road enabling the development of the land on the Power Station side of the railway.

Computerisation and Lettings starts

In 1992 after Clare Swinburn and Mark Sheering closed their Estate Agency business in Waltham Cross, Claremark Property Management and Lettings opened within the Brookfield office under franchise and this mutually successful arrangement lasted until 1995 when Clare left to operate independently from offices in Wormley and later Hertford.

Following intensive research during the early nineties, the Estate Agency invested heavily in computer and software systems linking the offices and leading the way in becoming fully computerised. The Solex operating system now used in conjunction with Rightmove and other property portals have increased efficiency to levels never dreamed of in earlier years and now over 80% of initial enquiries come from the web.

To celebrate our “first 50-years”, in 1999 an extravagant dinner and dance party was held for staff, clients, suppliers and business associates at the Burton Grange Country retreat in Goffs Oak and we were privileged that Paul Wallace and his wife Mollie came over from Guernsey to be with us.

More changes

Big changes happened in 2000. Peter Haynes retired as Senior Partner from the Practice which was sold to Neil Haynes and John Callaghan. Peter continues to operate from the 19a High Street Hoddesdon office as a Consultant to the Partnerships. Neil Haynes became Senior Partner moving the Accounts Department to another new purpose built office at Brookfield where we gained additional first floor office space following another extension to Tesco store and Paul Leadley became Manager of the office.

In 2001, a new Residential office was at opened at 243, Bullsmoor Lane, Enfield complementing our other offices along the A10. Whilst this office enjoyed initial success, sadly, recession forced the closure in 2008 which was not helped by the disruption caused by the driver of a new Rolls Royce Phantom, crashing into the shop front. It was commented that the value of the car exceeded that of the properties in the window!

Longevity

Neil was pleased to celebrate 25-years with the company in 2005 by taking all the staff and their partners to Newmarket races on an original Routemaster double decker bus naturally liveried in Paul Wallace Green. Neil’s PA Lisa reached 20-years employment in 2008, John Callaghan celebrated 30-years in the business in 2007 and Paul Leadley and three more staff become 20-year veterans in 2010. Peter Haynes celebrated his 75th birthday and 50-years association with the Paul Wallace Group in 2009. Sadly in 2008, Paul Vivian Wallace passed away aged 92 years at his home in Guernsey to which he retired in 1980.

In 2007, John Callaghan sold his Partnership shares to Neil and Paul Leadley but continues as Manager of the Hoddesdon office. The same year saw the launch of Paul Wallace Lettings which is based at the Brookfield office covering all areas where we have offices. The Lettings and Property Management business has quickly grown to become one of our strongest departments dovetailing naturally with Residential sales and now managing well over 100 properties for Landlords.

The Paul Wallace Group commissioned a new logo and corporate image which was rolled out through each department during 2009 presenting a more modern and professional image for each part of our business under a unified PW moniker.

The future

The owners of each division within the PW Group, Estate Agency, Lettings, Land & New Homes, Professional and Commercial are proud of our history but at the same time are not looking back but planning the further success of the business for the future. Each Department is recognized within its field of operation as being among, if not, the strongest in all our areas of expertise.