Beloved but expensive (4)
I believe the answer is:
dear
I believe this is a double definition.
'beloved' is the first definition.
(I know that beloved can be written as dear)
'expensive' is the second definition.
(similar in meaning)
'but' acts as a link.
(Other definitions for dear that I've seen before include "Needing plenty of bread" , "Expensive - address" , "Expensive or loved" , "Baby" , "Beloved - expensive" .)