The Brisbane-based unlisted trust purchased Homeworld Centre, which occupies an entire block fronted by Soward Way, where new planning laws will allow buildings of eight to nine storeys.

Sentinel’s managing director Warren Ebert said the planning variation helped close the deal for the superannuation funds manager.

“We always look at an opportunity to add value, another avenue to exit the property if we can get approval to build multi-level residential. We are not developers of multi-level residential, but we could certainly sell part of that off to a local developer," he said. “Yes, without a doubt, that [planning variation] was one of points that helped us go ahead.’’

This is Sentinel’s first purchase in Canberra. Elsewhere in the territory, four other major sales are on the brink of being finalised.

The 12,245-square-metre Homeworld surrounds include parking for 333 vehicles. Major tenants include Aldi, Dan Murphy's, Dick Smith Electronics, Jetts Fitness and Cash Converters. Also, the Department of Human Services has eight years remaining on its lease at the centre.

‘’In the near future we look forward to meeting with government planning representatives and to discuss their views on the site,’’ Mr Ebert said. ‘’In the near term we will lodge a development application to improve the site.’’

Minister for the Environment and Sustainable Development Simon Corbell flagged the changes in June, soon after ACT Liberal senator Zed Seselja advocated extending Tuggeranong west beyond the Murrumbidgee River.

Mr Corbell said the government was working within the existing footprint to consolidate centres and reduce car dependency.

Mr Ebert said he came to know the Homeworld property’s issues 14 years ago while working on the Aldi lease. It has had five managers in the past seven years.

“Someone being harsh could say the property has been unloved,’’ he said.

“We are aggressive fund managers, we certainly get in and do work. We bought a Homemaker Centre at Orange from AMP, and three Coles centres in the Hunter Valley.’’

Unlike bigger funds operating in the major capital cities, Sentinel prefers regional centres where it can give more attention to leasing issues, as it intends in Tuggeranong, including the matter of car parking.

“Because there were too many office users around there that would park in there all day, locking up the car parking from our retailers," Mr Ebert said. ‘’We have retailers paying a lot of money in rent, and those car parks need to be available for customers to come there.’’