THE private-school owner of St Kilda’s historic Astor cinema has indicated for the first time that it may be willing to sell the heritage-listed art deco building rather than redevelop it.

Stung by what it has labelled ‘‘a concerted effort to discredit the school regarding its plans for the building’’, St Michael’s Grammar has announced the appointment of a consultant charged with attempting to ‘‘broker an outcome that meets the needs of all parties’’.

Actor Stephen Curry outside the Astor theatre.

The school had proposed to redevelop the 1932 building, which it bought for $3.8 million in 2007, as a performing arts complex for students that was also available to the wider community when not being used by the school.

Head of School Simon Gipson told The Age last month that while no firm plan had yet been decided, it had always been the school’s intention to ‘‘protect the theatre’s historic use as a cinema’’.