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.