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Precision Group
Company typePrivate
IndustryProperty Investment & Management
Founded1994
FounderShaun Bonétt
HeadquartersLevel 25, 9 Castlereagh Street Sydney, NSW 2000 Australia
Key people
Shaun Bonétt, (CEO & Managing director),
Steve Bonètt, (Executive director),
Jim Hazel, (Chairman),
Edward Piazza, (CFO).
Websitewww.precision.com.au

Precision Group is an Australian private property investment and management company based in Sydney. It was founded in 1994 by Shaun Bonétt with a primary focus on landmark retail, commercial office and hospitality property in Adelaide, Brisbane, Melbourne, and Sydney.[1][2] Precision’s notable properties include Adelaide Central Plaza, MacArthur Central shopping centre, Chevron Renaissance Shopping Centre, Port Canal Shopping Centre, Pran Central shopping centre, 144 Edward Street, Brisbane, Customs House Port Adelaide, the Victory Hotel Brisbane and the White Horse Hotel, Surry Hills.

Corporate history

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Four years after its creation, Precision Group 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.[1][2][3] Initially the company focused on retail properties and later got involved in large-scale retail and commercial property developments as it received the backing of major financial institutions. From 2002 to 2015, the company acquired several major shopping centers, office buildings, and hospitality assets in Adelaide, Brisbane, Melbourne, and Sydney.[4][5][6][7][8] In particular in 1999, Precision then acquired Adelaide Central Plaza as a development project for $85 million from David Jones Limited, which was completed in 2000 and included a five level David Jones department store.[9][10][11] In 2006 Precision acquired MacArthur Central in Brisbane via a property swap transaction with Investa Property Group. The total value of the swap transaction was $186 million, making it one of the largest in Australian history.[12][9][10][13] Following the Global Financial Crisis in 2009, Precision refinanced over $250 million of its loan facilities with the Bank of China.[14][15] In 2015 Precision purchased the Chevron Renaissance Shopping Centre in Surfers Paradise on the Gold Coast of Queensland for $74 million from Arena Investment Management.[16][17][18]

Key acquisitions

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Date Property Usage Amount Picture References
1998 Port Canal Shopping Centre Shopping centre $36 million   [1][12]
1999 Adelaide Central Plaza Shopping centre $85 million   [12][9]
[10][4]
2003 144 Edward Street Commercial office tower $44.65 million [19][20]
2004 160 Ann Street, Brisbane Commercial office tower $186 million   [12][9][10]
2005 Victory Hotel Hotel $22 million   [6][21]
2005 White Horse Hotel Hotel $7.5 million   [6][5]
2006 MacArthur Central Shopping centre $186 million   Cite error: A <ref> tag is missing the closing </ref> (see the help page).[10]
2007 Pran Central Shopping centre $34.5 million   Cite error: A <ref> tag is missing the closing </ref> (see the help page).
2015 Chevron Renaissance
Shopping Centre 		Shopping centre $74 million [13][16]
[22][21]

References

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  1. ^ a b c Carter, Bridget (Sep 25, 2008). "Precision Timing Pays Off - A Young Shopping Centre Magnate Started Small and Ended in the Big Time". The Australian. p. 32.
  2. ^ a b Corby, Stephen (Jul 29, 2007). "Bonett's Rich Pickings". Sunday Telegraph. p. 3.
  3. ^ "Australian Commercial Property Market Is On Its Way To Revival". China Economic Weekly Magazine. November 3, 2014.
  4. ^ a b Carter, Bridget (25 September 2008). "Shopping centre magnate Shaun Bonett took risks early on". The Australian. Retrieved 8 July 2015.
  5. ^ a b MacDermott, Kathy (October 21, 2004). "Private Investors Chase Brisbane Offices". The Australian Financial Review.
  6. ^ a b c MacDermott, Kathy (Jun 20, 2005). "Precision Group Snatches Victory in Brisbane". The Australian Financial Review.
  7. ^ Cite error: The named reference :pcsc was invoked but never defined (see the help page).
  8. ^ Cite error: The named reference :mcbc1 was invoked but never defined (see the help page).
  9. ^ a b c d Manning, Paddy (May 25, 2006). "Precision-Investa swap sealed". The Australian. p. 25.
  10. ^ a b c d e Hele, Michelle (May 26, 2006). "Precision gains MacArthur, with a trade-in". Courier Mail. p. 86.
  11. ^ Carter, Bridget (25 September 2008). "Shopping centre magnate Shaun Bonett took risks early on". The Australian. Retrieved 8 July 2015.
  12. ^ a b c d Allen, Lisa (May 25, 2006). "Precision swaps offices for shops". The Australian Financial Review. Retrieved July 19, 2015.
  13. ^ a b "G20 Brings Brisbane Immense Opportunities". People's Daily- China. May 26, 2006.
  14. ^ Wilmot, Ben (September 29, 2011). "Asian lenders step up". Australian Financial Review.
  15. ^ "With an open attitude about China". Xinhua Net Politics Channel - China. May 26, 2006.
  16. ^ a b Cranston, Matthew (Dec 16, 2014). "Precision Group mulls deal for Arena's Chevron Renaissance shopping centre". The Australian Financial Review.
  17. ^ Cranston, Matthew (Feb 27, 2015). "Bank of China backs Gold Coast centre: Apple a likely tenant". The Australian Financial Review.
  18. ^ "Get the FIRB out of here, says Precision boss". The Australian Financial Review. 25 October 2012. Retrieved 23 January 2016. Precision Group chief executive Shaun Bonett has just refinanced a $90 million office tower in Brisbane with the Bank of China.
  19. ^ Wilson, Bob (Dec 31, 2004). "The Two Kevins - Towering Figures with Storeys to Sell". The Courier - Mail. p. 35.
  20. ^ MacDermott, Kathy (May 26, 2005). "Precision buys Brisbane office". The Australian Financial Review.
  21. ^ a b Wilson, Bob (Jun 24, 2005). "Precision wins Victory for $22m". Courier Mail. p. 45.
  22. ^ "The Millionaire's Plan for A Renaissance at Chevron". Business News Australia. 13 March 2015.
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Category:Real estate companies of Australia Category:Shopping property management firms Category:1994 establishments in Australia Category:Companies established in 1994

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