Henley Investment Management has submitted plans for a new 3,300-home neighbourhood of 10 flat-top towers on the boundary of Salford and Manchester.

The landmark £1bn development will transform the 130,000 sq ft site at Regent Retail Park, currently occupied by Costa Coffee and JD Sports at one end to TK Maxx at the other, and the associated car parking.

Designed by MattBrook Architects, outline plans have been submitted for the new retail, residential and community neighbourhood, which includes a tower rising to 264m, making it the third tallest skyscraper in the UK behind The Shard (310m), and TwentyTwo (278m).

The Regent Park scheme would include West Union Park at its heart, a 3.5 acre park accompanied by new children’s play space and a village square.

Henley is targeting vacant possession of phase one of the site by 2026.

Ian Rickwood, chief executive at Henley Investment Management, said: “Our vision is to create a new green and sustainable neighbourhood for Salford, one that meets the needs of future generations.

“Regent Park will deliver a new local centre for the area, with retail, community and green space at the heart of the plans. Our proposals will bring forward more and enhanced retail space, a new park and village square, along with much needed high-quality homes.

“We’ve undertaken extensive public consultation with the local community, stakeholders and the council and we look forward to continuing to work together.”