Confer privilege finally on street in East London area (6)
I believe the answer is:
bestow
'confer' is the definition.
(I know that confer can be written as bestow)
'privilege finally on street in east london area' is the wordplay.
'finally' indicates one should take the final letters.
'on' is a charade indicator (letters next to each other).
'street' becomes 'st' (abbreviation).
'in' is an insertion indicator.
'east london area' becomes 'bow' (I can't justify this - if you can you should believe this answer much more).
The last letter of 'privilege' is 'e'.
'e'+'st'='est'
'est' put inside 'bow' is 'BESTOW'.
Can you help me to learn more?
(Other definitions for bestow that I've seen before include "Set bow to give" , "Confer - impart" , "Give as a gift" , "'Confer, present (6)'" , "Endow, present" .)