	Precision Group was founded in 1994 by Shaun Bonett. Bonett originally worked closely with Ross Makris, who owned a separate company of a similar name. It made its first major acquisition in 1998 with Port Canal Shopping Centre along with the adjacent Customs House office building in Port Adelaide, South Australia from a syndicate managed by Babcock & Brown. In 1999, Precision then acquired Adelaide Central Plaza as a development project for $85 million from David Jones Limited, which was completed in 2000.