Like older buildings with fancy oriels round either side of window (3-4)

'like older buildings' is the definition.
(as opposed to high-rise)

'fancy oriels round either side of window' is the wordplay.
'fancy' indicates anagramming the letters.
'round' is an insertion indicator.
'either side of' suggests taking the first letters (the first and last letters are the same).
The first letter of 'window' is 'w'.
'oriels' with letters rearranged gives 'lorise'.
'lorise' placed around 'w' is 'LOW-RISE'.

'with' is the link.