UK: BTR (Operating) Limited, the operating company for retailer John Lewis build-to-rent (BTR) property ventures, has reported a pre-tax loss of £406,000 for the year to 25 January 2025, according to newly filed accounts.
The result marks a sharp increase from the £102,000 pre-tax loss recorded in the previous year, despite operating income rising from £32,000 to £260,000 over the same period.
BTR (Operating) was established in September 2022 to manage John Lewis’ BTR sites.
Its first scheme began operating in November 2023, followed by two more in February and October 2024.
Revenue is generated mainly from management fees, while costs are driven by staffing and partner expenses for future projects.
The figures come after John Lewis won a planning appeal in May 2024, securing permission to redevelop a Waitrose store in West Ealing, London, as part of its long-term strategy to diversify revenues through residential property investment.
Highlights
• BTR (Operating) Limited posted £406,000 pre-tax loss for FY ending 25 Jan 2025
• Losses tripled from £102,000 despite operating income rising from £32,000 to £260,000
• Company launched in 2022, now manages three sites opened between November 2023 and October 2024
• Losses have been reported after John Lewis won planning appeal to redevelop Waitrose site in West Ealing
