The heritage-listed restaurant at the top of Mount Coot-tha will be revitalised under a plan from new lessees Jimmy's on the Mall, with the cafe expected to be demolished and rebuilt.

Jimmy's on the Mall won the two leases to run the buildings through a Brisbane City Council tender process, with a bid paying a total of $20 million in rent over the 20-year-lease lifespan.

Mantle Group chief executive Godfrey Mantle said his company was very excited about taking on the leases at the popular tourism spot.