The current owners of the famous Dunedin student pub, Captain Cook, aren't holding out much hope for its future.

The pub is closing its doors tonight for the last time.

Co-owner James Arnott said it was unlikely someone else will take it on. "Cos it's a massive site, the rent's huge. It's pretty unlikely anyone's going to pick it up in its current state.''

The pub was founded in 1860. Building owner Orari Street Properties Investments said earlier this month that it would continue to look for someone to take it over.