The schemes put the contractor back on track after admitting a £26m accounting error and making 30 staff redundant in the first quarter.

Its new business strategy is to pursue new build residential schemes rather than housing maintenance projects for social housing clients.

The nine storey development, called CituNQ, in Manchester’s Northern Quarter will consist of 183 one and two bedroom apartments with luxury penthouses.

Designed by architect IDP and project managed by Artal, for client Factory Estates, Forrest will start work immediately on the former NCP level car park bounded by Tib Street, Church Street, Joiner Street and Bridgewater Place.

The schemes follow Forrest’s work in delivering M-One Central for Factory Estates, a new-build high-rise development on Great Ancoats Street, which is scheduled to complete this autumn.

Also Forrest is understood to be in negotiations with developer Cole Waterhouse to build an double tower residential scheme next to Manchester United’s Old Trafford home.

Developer Cole Waterhouse submitted plans for the £60m No 1 Old Trafford residential development in April.

Designed by architect 5plus it consist of two towers, rising to 18 and 15 storeys.