Plans for a new country park and rowing lake have taken a crucial step forward after an environmental regeneration group splashed out to buy Willington Quarry.

On Wednesday, the Marston Vale Trust announced the purchase of the 300-acre site, part of the old Grange Estate, describing it as the "first step" in the development of a new country reserve, the Bedford River Valley Park.

Situated off the A421 Bedford Bypass, the quarry is currently used for sand and gravel extraction.

But it is hoped it can be transformed during the next 25 years under the park initiative, which is earmarking additional land between the bypass and the A603.

And in the shorter term, backers of the associated rowing lake proposal are working to get it built in time for the 2012 Olympic games in London, arguing it could help persuade a national team to pick Bedford as its base for the event.

Ian Foll, development manager of the Forest of Marston Vale, said: "There is no doubt that this is an ambitious project and one that will take decades to complete.

"But everyone who lives and works in Bedfordshire should welcome this news. It represents the first step in creating what will become a vast new leisure facility for everyone to enjoy.

"Our successful track record of working with local communities puts us in an ideal situation to take this landmark project forward."

Andrew Rowe, of the Poynter Charitable Trust, is working with Marston Vale on the rowing lake project. He added: "This is good news for the Bedford Rowing Lake Project as the land being purchased by Marston Vale hopes to host the eastern end of the lake."

The proposed rowing lake will hold 500,000 tonnes of floodwater, according to its supporters, and help protect Willington, Cople and Cardington Road from storms.

But its main purpose would be for sport. It has already been nominated as a potential training venue for foreign Olympic squads by the Amateur Rowing Association.

The Willington Quarry purchase was made possible by funding from the Department for Communities and Local Government's Growth Areas Fund, worth £2.3 million.

Mr Foll said: "Creation of new areas of green space will roll out over the next 25 years as the process of extraction from areas currently used for, or earmarked for, sand and gravel extraction move towards restoration to habitat and accessible, quality green space."