The most common and most likely answer to this crossword clue is the 3 letter word ELY
I've seen this crossword clue in The Times
E
L
Y
More clues leading to the result ELY
- City bank losing capital
- See odd characters leaving Henley
- Fishy-sounding place
- See replay where every second counts
- The French put up close to Canterbury, a cathedral city
- See a little rebel, yobbo
- See court painter beheaded
- See no odds for replay
- Cathedral city with some chapel. Yes!
- City Bank failing to appoint head of RBC
Buddy explains!

The straight part
We know that "place" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case place = ely.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.