A city accounting firm has sold the Mornington Village shopping centre to a syndicate of investors for $39.38 million after paying just $25.8 million for it four years ago.

In a sign of how much yields have compressed in the sector over a relatively short time, the accounting firm Lowe Lippman sold the Mornington Village centre on a yield of 5.26 per cent.

The property, held in the name of partner Joseph Franck, was purchased in 2014 by the accounting firm on a 7.47 per cent yield, suggesting today's buyers are prepared to significantly pay more relative to their return.

The deal follows Woolworths’ acquisition last week of the Mordialloc Plaza for $41 million, struck on a yield of 4.39 per cent, and a string of other neighbourhood centre sales in Victoria this year that transacted on similarly strong prices.

Maroondah Village, in outer eastern Croydon North, sold last month for $18.8 million on a 4.6 per cent yield.