The cellar sounds really good.
Large, kept warm by the boiler, (assuming that it provides hot water during the summer months, as well as central heating during the winter).
It will provide ventilation, to keep humidity low (as long as the floor is above the water table in the "monsoon" months.
With access through the house, and the only access through the cola hole, it should be secure.
This should present few problems, as long as it is possible to carry machines / models through the house, or lower / hoist through the coal hole. Obviously the latter needs to be weatherproof!
You can site as many lights as you think that you will need, and where they will be most useful..
As for the size, I am envious!
Howard