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The 2080sq m site at the north end of Castle St, near the Dunedin Botanic Garden, has a two-storeyed brick building, a fenced beer garden and a car park.
It is on the fringes of the university campus, opposite Abbey College, a postgraduate students' accommodation block the university bought in 2007.
The university bought "the Gardies" in June for $1.75 million, excluding GST.
A university spokesman said on Tuesday a study evaluating several options for the property was in progress.
Once the study was complete, the university would consider its recommendations and would "make and announce decisions in due course".
Decisions were expected to be made "within the next few months".