Item of luggage in the hold (4)
I believe the answer is:
grip
I believe this is a triple definition!
'item' is the first definition.
(I have seen 'item of baggage' mean 'grip' so perhaps 'item' could also mean 'grip')
'of' is a link.
'luggage' is the second definition.
(grip is a kind of luggage)
'in' is a link.
'the hold' is the third definition.
(synonyms)
(Other definitions for grip that I've seen before include "Clutch - holdall" , "Grab" , "Catch" , "Take firm hold of travelling bag?" , "Control" .)