A two-level retail property – four shops and a restaurant – on central Melbourne’s Lonsdale Street has changed hands for $32.6 million on a yield below 3 per cent, the latest transaction to highlight the premium in value of bricks and mortar for some investors.

The property at 272-282 Lonsdale Street has been held by a local family for almost two decades after they acquired it for $5.6 million in 2003.