It was founded in 1880 by a bequest from the estate of Sir Richard Wallace, local landowner, Unionist MP and philanthropist, and was originally named Lisburn Intermediate and University School. It was built on a site fronting the Antrim Road. A board of trustees took charge in 1900 to oversee the development of the growing school and, when they renamed it in 1942 in memory of its founder, they adopted the word Esperance (Hope) as the school's motto from the Wallace coat of arms.
The post-war years witnessed rapid growth in pupil numbers and consequent accommodation provision. Land was purchased at Clonevin Park, initially for playing fields, and when the Antrim Road site proved inadequate, the decision was taken to build a new school in these extensive grounds.
Pupils and staff moved to the new building in 1976, and today the school has expanded to 1160 pupils in the grammar school and 200 in the preparatory department.
School enhancement
The Wallace High School underwent construction on a new school expansion project. This included construction of a new two storey extension which includes the subjects of Art, Home Economics, and Moving Image Arts which was finished by the end of December 2017 and officially unveiled on 4 October 2018 . There is a fitness suite which was also unveiled on 4 October which included four power racks, a free weights area with weight-lifting platforms, a blue astro-turf track for conditioning and warm-ups, plate loaded resistance machines and cardio equipment. It also included new changing rooms, new showers and hairdryers. A technology extension is also completed, beginning in February 2018 and concluding in August 2018.
Existing 'mobile' classrooms, of which there are four, have been relocated to allow space for the expansion project. These mobile classrooms include the subjects of English, Maths, Modern Languages, Religious Education, among others.[1]