"[But] in the event that they can't make a go of it then the university will have to look at potentially putting a pub on campus, which is something that I have always been open to."
Professor Hayne said it was safer for students to drink closer to where they lived.
"I have been very clear about the fact that I don't want to see this end of town without a pub.
"I would much rather that the students did their drinking close to campus rather than wandering to the Octagon and, more importantly, stumbling back," she said.
The university did not have a grand plan to rid North Dunedin of pubs as some had suggested, with pubs - including The Bowler and The Gardies - closing because they were struggling to make money.
"It was no longer possible to make a living running a pub in North Dunedin, the university simply took the opportunity to buy strategically located real estate.
"Nobody's going to believe this, but we're actually very sad to see the Cook close, because it was the remaining North Dunedin pub."
If the university did open a new pub on campus it did not mean ReFuel - a university-owned pub already on campus - would close.
"If the university was to get into the pub business we would work very carefully with the student body to find out exactly what they wanted."