The Precision Group has been successfully operating as a private property investment company since 1994. Some key milestones for the company include:
1994: Precision Group commences business
1998: Precision Group purchases Port Canal Shopping Centre
Precision Group purchased Port Canal Shopping Centre and the adjacent Customs House office building in Port Adelaide.
1999: Precision Group acquires a subsidiary company of David Jones
Precision Group acquired a subsidiary company of David Jones Ltd, Hartford Holdings Pty Ltd, which owned the Adelaide Central Plaza development project - a strategic retail site on Rundle Mall in the heart of Adelaide’s CBD. Precision entered into a commitment with David Jones and developed Adelaide Central Plaza to feature a five level David Jones department store, 40 specialty shops with 12 tenancies in the food court.
2000: Adelaide Central Plaza opens
The David Jones store at Rundle Mall in Adelaide won the prestigious international award as the best newly completed store in the world in this year.
With a market value of $200 million, Adelaide Central Plaza is currently the only major CBD retail asset of its kind in Australia still held in private ownership.
2003/4: Precision Group acquires 144 Edward Street, Brisbane
Precision Group acquired 144 Edward Street, Brisbane from DB Reef Trust and 160 Ann Street, Brisbane from Zurich Insurance for a combined value of $98 million.
2005: Precision Group continues to diversify its portfolio
Precision Group continued to diversify its portfolio with the separate purchase of two hospitality properties, the Victory Hotel in Brisbane’s CBD and the White Horse Hotel in Sydney’s Surry Hills.
2005: Precision Group enters Development Agreement with CRI Australia
Precision Group entered into a Development Agreement with CRI Australia Pty Ltd to develop and acquire, on completion, for $83 million the new shopping centre component of the Chatswood Transport Interchange, on Sydney’s North Shore.
The overall project, in addition to the shopping centre with 3 major tenants and 70 specialty retailers includes a new railway station, bus interchange and three residential towers housing 500 units. At a development cost of approximately $360m, it is one of the largest public / private consortium development projects ever undertaken in Australia.
2006: Property Swap in Public Arena
Precision Group completed a major direct property swap transaction in Brisbane with Investa Limited, a leading Australian publically listed property group.
The transaction involved the Precision Group selling 160 Ann St, Brisbane to Investa for $66.5 million in exchange for MacArthur Central Shopping Centre in Brisbane’s CBD for $119.5 million.
The acquisition of MacArthur Central was a substantial addition to Precision’s growing retail portfolio.
2006: Precision acquires Pran Central Shopping Centre
Precision Group acquired Pran Central Shopping Centre in Chapel Street, Prahran, a leading retail district of Melbourne. This asset, acquired from the Walker Group has substantial growth potential and will also house the Melbourne office of the Precision Group.