LAST week marked the end of a remarkable era in Daylesford business when the Coles complex was sold to a Melbourne property investor for $8.85 million.
The property, which comprised the freehold for Coles, Liquorland and two shops, went under the hammer at Melbourne's Crown Casino as part of the Burgess Rawson Investment Portfolio Auction.
The complex has been in the hands of Daylesford's Clough family since its establishment.
Horace Clough bought a local self-serve grocery store in Daylesford when the previous owner left to serve in World War II.
Keith Clough joined his dad in serving Daylesford in 1944, at the age of 13.
He took over the store and kept extending the business into the premises his family has operated to this day.
Selling agent Raoul Holderhead of Burgess Rawson said.
He said bidding for the complex started at $7.3 million and quickly rose to $8.5 million before reaching $8.85 million. "Four or five punters were bidding at the auction.
"It's a good property with a good lease."
The ANZ building at 52 Vincent St, also owned by the Cloughs, was to go up for auction on the day but due to legal issues with the lease was withdrawn at the last minute.
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