Deepwater Plaza opened for trade in April 1984 to much fanfare. Doing the honours of opening the Centre was none other than the Mother of The Goon Show's Spike Milligan's (Flo Milligan)! The centre created a revolution on the Central Coast as to how people did their shopping.

Anchoring the Shopping Centre was a Super Kmart. Super Kmart was a concept of Kmart and included a Discount Department Store and a super market (Now Coles & Kmart).

A number of the centres original retailers are still trading today including Deepwater Surf, Peters Meats, Suzanne Grae, Clearhaze Records The Greater Building Society.

In 1994 Deepwater Plaza expanded to include a Franklins Supermarket, Lowes Menswear, Bakers Delight, Michel's Patisserie and Lady Anne Handcrafts.

Today, Franklins Woy Woy is one of only two Franklin's supermarkets on the Central Coast.

In 2005 Deepwater Plaza undertook another redevelopment and refurbishment that has seen the arrival of Best & Less, The Reject Shop, Millers, The Newcastle Permanent Building Society, The Commonwealth Bank and Passion Hair and Beauty. Today Deepwater Plaza offers customers convenience and variety on one easy level.