The paper presents the main conclusions from an in-depth study of the local economic, social and environmental impacts of Lancaster University in 1991/92. The likely impacts of further expansion at the University through to the year 2001 are explored. Lancaster University is revealed as having major environmental and social impacts as well as the more widely researched employment and income multiplier effects. Lessons are drawn from the Lancaster University experience which are likely to be of a general nature and can assist other universities seeking to maximise their local benefits and minimise their local cost impacts. The local impacts of universities are likely to need much more careful management than has occurred in the past if detrimental effects are to be avoided.