In addressing the issue of estates strategy, this paper considers the impact of estate on university planning and why it has been underestimated, the implications of institutional missions for estates strategies and ways of making estates strategy integral to university planning. A major theme is the significance of a Higher Education Institution's (HEI's) estate for its image and reputation, and hence its ability to attract students and staff and to maximize its income from public and private sources. The conclusion sketches a vision of '21st century' university environments and the role of estates strategies in realizing these.