Ground Floor, 198 North Terrace, Adelaide, SA 5000

Knight Frank is pleased to present Ground Floor, 198 North Terrace, Adelaide for sale, an exceptional CBD retail investment underpinned by one of Australia’s most recognisable retail brands. 

Occupying a prominent position along prestigious North Terrace, the property combines a remarkable 35-year history of occupation by OPSM with secure income, fixed annual rental growth and fully recoverable outgoings. 

Offering investors a truly passive investment in the heart of the Adelaide CBD, the property is secured by a longstanding tenant covenant with the added benefit of 3.0% annual rental increases and no stamp duty payable in South Australia. 

Key investment highlights include: 

- OPSM has occupied the location since 1991, representing 35 years* of continuous occupation 

- Net income of $180,353 p.a.* 

- Fixed 3.0% annual rental increases, providing built-in income growth 

- Lease expiry in 2029, plus a further 5-year option 

- 100% recoverable outgoings, including land tax 

- Prominent 280 sqm* ground floor retail holding 

- Highly exposed position along North Terrace, one of Adelaide CBD’s premier commercial and cultural boulevards 

- Leased to Laubman & Pank Optometrists Pty Ltd (t/as OPSM), part of the Luxottica retail network 

- No stamp duty payable on commercial property transactions in South Australia 

Ground Floor, 198 North Terrace, Adelaide is offered for sale via Expressions of Interest closing Thursday, 5 November 2026 at 4:00pm (ACST). 

For more information or to arrange an inspection, talk to us today. 

*Approximately