Melbourne University has an extensive portfolio of properties outside of its main Parkville campus, extending across Carlton into the CBD, and is an active buyer.

It is also developing the former Royal Women's Hospital site bordered by Swanston, Grattan and Cardigan streets into an "innovation hub" called the Carlton Connect Initiative, which will include a mix of research and education facilities, commercial, retail and student housing.

University director of facilities and sustainability Chris White said there were no plans "at this stage" to redevelop the historic pub.

"We're keen to ensure there's a continuity of student amenity in terms of access to retail and food and beverage across the extended campus," he said.

The pub was sold with vacant possession by agents CBRE and Cropley Commercial.

The university would upgrade parts of the building and lease it to a new publican once the property settled, Mr White said.

"Prince Alfred has been a landmark site adjacent to the university for a long period of time. We're keen to ensure that that relationship continues."