About us
Investing in Guernsey since 1934.
Walter Property Limited (WPL) is a Guernsey property company founded in 1934 by William Walter, the great-grandfather of the current Chairman, Catharine Walter and great, great grandfather of the current CEO, Eleanor Saunders. The original strategy was to buy properties and earn income from the rent. From the mid-1980s, the strategy was to purchase properties that are considered to have potential for development either through refurbishment or by obtaining planning permission to change its classification from, for example, industrial premises to offices or retail outlets or by the marriage value of buying an adjacent property to one already owned by WPL.
WPL’s reputation as a fair-minded landlord stems from the application of the founder’s tenet of working with the tenant to help maximise the business benefits of both parties.
There is no capital gains tax on the sale of property in the Island, which makes buying and selling an attractive enterprise.
Why Guernsey?
The Bailiwick of Guernsey is a British Crown dependency in the English Channel. The benefit of establishing a company in Guernsey is the island’s low tax jurisdiction since there are no capital taxes. Consequently, since the 1980s, the island’s development as an ideal financial centre for the establishment of institutions, banks, funds and captive insurers has thrived.
Guernsey is now a highly regarded, well-regulated financial centre known throughout the world. Many Guernsey-registered companies have a policy of renting property rather than purchasing. Most prefer to put their capital into the business and not into property, whilst others simply cannot afford the large capital outlay required to buy. Their view, often, is that they are not property experts and leave that métier to specialist companies such as Walter Property Limited.
Yesterday
In 1888, William Walter came on holiday to Guernsey with his wife Kitsy and their baby daughter Dorothy, who stayed near the Water Lanes in St Martins. They loved the Island, and not long after the end of World War 1, they decided to make Guernsey their home. William, born in 1852, had a long and prosperous life working in the Far East and Canada. At the age of 50, he was appointed to the highly regarded position of Agent-General of the Canadian Province of British Columbia.
He was a keen investor in the stock market and, having found Guernsey such an attractive place, the lure of a tax-free jurisdiction where he could work on his share portfolio, communicating with his stock broker in London by telegram, he decided to pay another visit. The family, which consisted of six children at that time, travelled by boat to St Peter Port. He installed his family in the Old Government Hotel to recover and went out. He returned mid-morning for a late breakfast with the family, announcing he had bought the house, Uplands, and all its contents.
In 1934, Willian founded Walter Property Limited to manage both his extensive investments and his property portfolio in Guernsey, which consisted of twenty properties, each valued at approximately £1,500 - this also included the fixtures, fittings and furniture.
Despite his illustrious career, William Walter ensured that he, together with his six children - who were all shareholders - knew each and every one of his tenants personally, treating them with respect and, in many cases, with patience and understanding whenever they were faced with financial shortcomings.
With the outbreak of World War II and the occupation of Guernsey by the Germans, William Walter, who was by then 88 years old, refused to be evacuated in order to “... look after my tenants... to ensure their safety”. He died during the occupation in 1942. Tom Scott, who was married to William Walter’s eldest daughter, Dorothy, took over the company’s running in Guernsey. The family, with foresight, had managed to ship to England all the company’s securities and Reggie Walter, the eldest son, managed the company’s stocks and shares from Nairn in Scotland, where he saw out the duration of the war.
During the occupation, many of the tenants who ran shops continued to pay rent to the company. With the end of hostilities, rents were frozen, and support from WPL was provided for the re-establishment and repair of both shops and houses left in disrepair by the occupying forces.
The following years saw some members of the Walter family returning to the Island. Family members joined the company, serving as Company Secretary or Directors. One job of the Company Secretary until 1995 was the collection of ‘Rentes’, a Guernsey tradition whereby rent was paid in bushels of wheat and chickens and converted into what was then pounds, shillings, and pence. The rest of the large and by then internationally located family remain as shareholders, some taking an active part in the development of the company.
Today
The Walter family has steadily built on the foundations set out by the founder, and each generation develops and manages the company appropriately to the era.
In 2019, the company purchased some land in St Martins with permission to build houses and some apartments. This was a challenge as Covid hit in early 2020, and the planning permission was due to expire in November 2020. Despite Covid restrictions, due to careful management and oversight, the project was well underway by the November deadline and the properties were all sold by the end of 2022. They provide houses and some apartments for local people over 55 and some partial ownership apartments managed by the Guernsey Housing Association.
The daily running of WPL is the task of the Guernsey-based directors who make up the Property Committee. The committee convenes monthly to discuss current and prospective property developments and business concerning the day-to-day administration. It often concludes with a brainstorming session to find solutions to any tenuous situations or obstacles in developing projects.
Tomorrow
In keeping with its past project development philosophy and its intrinsic understanding of the local property market, WPL is looking at further developments. One new development, soon to commence, will create ten apartments at Valnord in St Peter Port. Another potential development in the planning stage is a large site at La Gibauderie.
The Company will continue to look at new projects and seek opportunities to develop its portfolio.