OK, I am posting this seven years after the original poster, but a better description of the lift is warranted.
As stated preciously, you do approach the top of the lift from the Calle de la Mercedes, from the centre of Torremolinos, down Calle San Miguel, turn left and it's about 50 yards down on the right.
The Ayuntamiento (town Council) have recently provided a metal ramp to get up the fairly large step to the entrance to the lift, but it's the bottom part you need to worry about with a chair or even a pram.
Once you have paid your 50 centimos to the attendant and taken the minute long ride you come out in a quaint little plaza and are faced with 12 steps in one flight to get down! This is OK as long as the person in the chair can walk, if not, you are STUCK!

There is no other way out of the plaza unless you climb or descend stairs, so you would have to go back up in the lift and pay another 50 centimos for doing so.
If you approach from the bottom along Calle de Peligro, there's a lovely sign pointing to the lift, with the Torremolinos Council's Disability department logo complete with the international sign for a disabled person - a wheelchair!