The boutique ground has been out of action since the end of last season while work was carried out to expand the playing surface and improve the drainage.
At the relaunch yesterday, McKendry told the Otago Daily Times he was "really impressed" with the facility.
Sporting larger boundaries, a comprehensive drainage system and a new and expanded pitch block, the University Oval was the premier venue in the South Island and as good as Seddon Park (Hamilton), the Basin Reserve (Wellington) and McLean Park (Napier), McKendry said.
"New Zealand Cricket is looking for more intimate venues and feel, and this fits that criteria perfectly. Obviously, there are a number of factors that come into play when allocating tests. But this venue will be considered for test match cricket, there is no doubt about it."
The old Oval had its problems. The pitch had critics lining up to condemn it, and the drainage came under fire when rain left the playing surface sodden during a test against the West Indies in December 2008.
"Probably one of the most important things about a field these days is the drainage and the outfield. It costs hundreds of thousands of dollars to put on an event and the last thing you want is the outfield stopping play," McKendry said.
The pitch, though, is all important for quality cricket and he believes the new block is looking promising.
"I've had a good look at the new wicket block and it is coming along nicely. Obviously, it is a new block and will take a season to bed down. But what I've seen out there, Tommy [Tom Tamati the groundsman] is right on top of things and we will do everything we can to support him."
The University Oval has hosted three tests. It will be in action on Monday, when Otago plays Auckland in the rescheduled Plunket Shield match.
