I'm guessing the "UV" light is just a "blacklight" type to attract bugs and is not a germicidal light, but it's important to know for sure so you don't give yourself cataracts or skin cancer.
One thing that will give you a huge advantage in a basement is if you can figure out how to rig a HEPA filter to draw air in from outside the space (the room upstairs would work), HEPA filter it, then blow it into the basement room to create a positive-pressure lab space that will keep the airborne contaminants out (of which basements have a lot, being the lowest space in the house). Don't forget to leave a space near the floor with a very fine mesh screen over it for the air to escape (be sure the exit duct or hole is small enough to ensure the room is pressurized, which just means more air is pumped into it than can escape at the same rate).
I set up a system like that and it worked amazingly well (lower contam rates than a regular upstairs bedroom without positive pressure). I'd also painted the masonry walls with a fresh coat of white masonry paint, sealed the floor with gray epoxy paint, and covered all the wood with plastic panels. Don't insulate the spaces between the joists if you enclose them in plastic panels or sheeting (it causes problems later). You can also clean all the exposed wood, seal up all the gaps with caulk or expanding foam, and paint them with a few coats of white paint instead of adding paneling. In my case I covered the ceiling with FRP, which worked but was a nightmare to install and one of the more expensive (but permanent) options. It looks like shit since it's like tacking a very heavy wet noodle to the ceiling, but it's a basement grow space no one else is supposed to see.
To save yourself the trouble of a basement renovation (which you probably wouldn't want to do in a rental property; you didn't specify if it's owned or rented which makes a difference in how to approach it) you can build a room within the space with PVC pipe and fittings and enclosed in plastic sheeting. If you have the space you might consider making two PVC rooms, one for the lab and one for fruiting (both with positive pressure air filtration).
I guess all this is to say that what to do will be determined by whether it's owned or rented, your goals in terms of output, and your budget.