Concepts have been explored by a Brisbane design company, as part of a three-year $295 million master plan for the Boggo Road Village being developed by Leighton Properties.

An announcement about the future use of the 119-year-old Boggo Road precinct at Dutton Park will be made when the Master Plan is unveiled in a fortnight by Leighton Properties, a spokesman said on Monday.

The "adaptive re-use" of the old Boggo Road prison has been quietly explored since the possibility was first raised by the Bligh Government in September 2011.

Fairfax Media has been told a Brisbane company has "scoped out" using the site as a TAFE campus, a training centre and conference centre.

However, a source said transforming the prison into a boutique hotel or backpackers hostel made more commercial sense, because it would generate revenue that could be used to effectively maintain the heritage site.

In Adelaide, the Old Mt Gambier Gaol, which built in 1866 and closed in 1995, has been transformed into a backpacker's hotel, with some more upmarket rooms.

It has also been trialled in Boston, where Boston's Charles Street Jail became Boston's Liberty Hotel, and in Fairfax Country, Virginia where Lorton Prison became Laurel Centre.

A spokesman for Leighton Properties said a "commercial use" of the site, which opened in 1883 and closed in 2002, was still "part of the potential" for the prison.

"However, a hotel option is not considered as part of the conceptual thinking at this stage," he said.

"They are still working through the final details, but that has not been flagged at this stage."

The spokesman declined to explain what the commercial options were for the prison, before the September announcement.

Queensland's National Trust executive officer Stewart Armstrong said the organisation was open to "careful", adaptive re-use of the Boggo Road prison.

"As long as it is done very thoughtfully and done really well," Mr Armstrong said.

"So introducing boutique bars, some shops, even restaurants into certain parts of that jail would certainly work," he said.

"We would be concerned about boutique accommodation in there because "boutique accommodation" expects a high level of servicing. And I don't think that those cell blocks could cope with that.

"The Trust is certainly concerned about the future of the cell blocks. But there are parts of the jail that could accommodate substantial amounts of change for commercial uses.

"So we are not opposing change up there, but we are concerned about using the cell blocks."

There are several three-storey heritage-listed brick cell blocks inside Boggo Road Prison.

Boggo Road Prison's first cells - November 1 Division - opened in 1883.

That part of the prison was the scene of 42 hangings, including Brisbane's last hanging of Ernest Austin in 1913.

Number 1 Division was closed in 1992 and demolished in 1996.

The original Women's Prison - Number 2 Division - was opened in 1903 and is the heritage listed site that remains.

Cox Rayner are the supervising architects for the project, but a spokesman declined to speak about the redevelopment of the prison.

A spokesperson for Science, Innovation, IT and the Arts minister Ian Walker said the government would explore the issue, before commenting on Tuesday.

A media release from the previous Labor state government in 2011 made it clear the prison could be adaptively re-used in a commercial way.

"Mr [Simon] Finn said the Queensland Government and Leighton Properties will soon begin a process to investigate options for the possible redevelopment of the gaol itself," the media release said.

"'The gaol's future use will add to the historical and cultural significance of the village, incorporating educational, cultural and commercial purposes."

The Bligh government's underground rail project, which included train tracks under the prison, delayed some progress on the master plan.

An Ecosciences Precinct, two public parks and the a busway station have already been built on the Boggo Road site, while the Leukaemia Foundation has purpose-built accommodation in place at the southern end of the site close to the Mater Hospital.