Good place going cheap for a pound (6)

I believe the answer is:

chapel

I'm a little stuck... Click here to teach me about this clue!

Here is my best explanation:

'good place' is the definition.
(I've seen this before)

'going cheap for a pound' is the wordplay.
'going cheap for' becomes 'chape' (I can't justify this - if you can you should believe this answer much more).
'a pound' becomes 'l'.
'chape'+'l'='CHAPEL'

Can you help me to learn more?

This clue was last seen in Evening Standard