Great place mind, it's broken (7)
I believe the answer is:
britain
'great place' is the definition.
(Great Britain)
'mind it's broken' is the wordplay.
'mind' becomes 'brain' (synonyms).
'broken' is an insertion indicator (inserted letters break into others).
'brain' enclosing 'it' is 'BRITAIN'.
(Other definitions for britain that I've seen before include "Where we live - Great!" , "See 10" , "State" , "UK's largest island" , "Country" .)