Initially peer over there (5,2)
I believe the answer is:
early on
'initially' is the definition.
(I've seen this in another clue)
'peer over there' is the wordplay.
'peer' becomes 'earl' (earl is a kind of peer).
'over there' becomes 'yon' (archaic word meaning 'over there').
'earl'+'yon'='EARLY ON'
(Other definitions for early on that I've seen before include "while still young?" , "right at the start" , "Towards the beginning" , "Previously" , "Ere much time passed" .)