The new owners of Red Hill Skating Arena have promised to "bring it back to its former glory" by restoring the building to one of its previous incarnations - a cinema.

Brisbane cinema brothers Stephen and Peter Sourris, owners of Five Star Cinemas, described their latest purchase as "a landmark of Red Hill" and plan to redevelop the derelict building into five boutique movie theatres.

The new owners are still deciding on the name of their new business venture, but are leaning away from 'Red Hill Picture Pops' (as illustrated in this architect's drawing) and more towards 'Red Hill Pop Cinemas'.

The Sourris brothers also own New Farm Cinemas, The Elizabeth Picture Theatre and Yatala Drive-In Cinemas.

They have decided on a "retro and edgy" design, created by Brisbane architect James Davidson, which will incorporate the building's graffiti to preserve its history.