Work starts on site in July 2011 at the New Horizon School for special needs pupils which will be completed in August 2012.
McLaren will also finish work on the Hackney Free School in June and both deals have seen McLaren become established as one of three BSF approved contractors in Hackney.
The firm’s new property division is targeting development opportunities in the retail, student accommodation, hotel, mixed-use, leisure and London residential markets.
McLaren Property is based in London’s West End and is participating in equity partnering with specialist developers in each sector via joint venture arrangements.
John Gatley, managing director of McLaren Property, was formerly the head of Retail Parks at Capital and Regional PLC, and CEO of the Junction Retail Warehouse Fund.
He said: “McLaren’s presence in the real estate market will target emerging development and investment opportunities where the Group can utilise its financial strength and considerable experience in property and construction.
“We are seeking joint ventures in development situations where we can bring equity to the table alongside development and contracting expertise.”
The move into property comes as the McLaren group rebrands with a new corporate logo and image as the company continues to evolve to reflect the needs of its expanding client base.
Chairman Kevin Taylor said: “The construction market is changing and we as a company are reflecting that.
“McLaren are expanding in different sectors of the market and our new image reflects the way our business is becoming ever more professional at all levels.
“We are winning work with a range of new clients while continuing to offer the highest levels of service to our existing customers.”
McLaren is also looking to expand in the United Arab Emirates following the successful completion of a major contract in Dubai.
McLaren has built a 680,000 sq ft design and build office and distribution complex for CEVA Logistics at the Jebel Ali Free Zone.
Property giant Gazeley is developer on the Dubai contract alongside its associate company Economic Zones World (EZW).
Taylor is confident the CEVA job will be the first of many across the region.
He said: “We see the UAE as an important and growing market for McLaren.
“This first successful project in the region is a vital step for us and clients can be confident that we have the skills and local knowledge to deliver further complex projects.”