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SYDNEY rich-lister Shaun Bonett’s $50m expansion of Port Adelaide Plaza is progressing towards its ‘grand finale’ with a new Asian supermarket and fitness centre to open within weeks.
Fitness group, Asian market at Port Plaza
Precision Group chief operating officer Trevor Dill and chief executive Shaun Bonett at the shopping centre at Port Adelaide. Picture: Tricia Watkinson
The final stage of the expansion by his family-owned Precision Group business comes as the pandemic continues to pose challenges for the retail sector, delaying completion by about a year.
“Whilst the current retail environment is challenging, we are continuing to receive a record number of enquiries to be part of Adelaide’s newest shopping centre,” said Mr Bonett, who is ranked 75th among Australia’s richest 250 for his $1.6b fortune.
“Retailers can see that the area is desperately in need of a centre of Port Adelaide Plaza’s calibre given the scale of population growth and high number of families moving into the area.”
One of the new entrants is former Port Adelaide and Richmond footy clubs player Andrew Moore, who will operate the new Body Fit Training franchise, opening next month.
The BFT fitness chain was started in 2017 by Cameron Falloon, former strength and conditioning head coach for AFL teams Geelong Cats, Western Bulldogs and Port Adelaide Power, and also a trainer to the late Princess Diana.
Mr Moore said he wanted to work in a business with a hands-on approach.
“This game of optimal health and fitness is a lifelong pursuit,” he said.
“I have a passion for helping people exceed their fitness goals.”
BFT expects to attract 1200 visitations per week from over 250 members in its first year at Port Adelaide Plaza.
The centre will also get its first Asian food and drinks-focused Homes Supermarket later in the year and a cooking school, Homefresh, established by Stephen Curtis.
Precision Group chief operating officer Trevor Dill said retailers had embraced the “diverse, positive shopping experience”.
“Remarkable when you think about the uncertainty of the economic recovery we’re still operating through,” Mr Dill said.
“Covid-19 has highlighted how essential we are to customers and for business.”
Port Adelaide Plaza asset manager Michael Gillett said a “value-oriented centre” was in a better position of enjoying growth in a post-Covid environment.
“We know our customers are returning to physical stores and to be in a position to welcome these new stores to Port Adelaide Plaza as part of our ‘grand finale launch’ later this year is very exciting,” Mr Gillett said.
On completion, Port Adelaide Plaza will have more than 70 stores and services, including existing tenants Coles, Aldi, The Reject Shop, Surf Dive ‘n’ Ski and the Paisley Park Early Learning Centre.
Mr Bonett started his investment journey with his 1998 purchase of the Port Canal Shopping Centre, now renamed Port Adelaide Plaza. Precision also owns Adelaide Central Plaza at Rundle Mall.