The funds have also been used to carry out wetland habitat creation works with shallow wetland scrapes formed and steep lake banks reprofiled.
The reserve was established in 2004 on a former gravel quarry and now covers 89ha of flooplain meadow, marsh, reedbed and open water.
Leicestershire and Rutland Wildlife Trust director Simon Bentley said, “The grant has allowed us to purchase a nice big chunk of land to extend the reserve and generate some structural diversity, mixing it up a little to provide different habitats to benefit a whole host of different wildlife.
"What is good is that during the work none of the material from the reserve has gone to waste. The soil dug from the scrapes and field pond has been put into Hobley Lake on the site to reprofile the steep banks and created shallow bays as well as forming a small island.
"It just gives a helping hand to the wildlife and makes the lake a more accessible and attractive place to be."
