Model with the ultimate in elegance on location (4)
I believe the answer is:
site
'location' is the definition.
(site is a kind of location)
'model with the ultimate in elegance' is the wordplay.
'model' becomes 'sit' ('sit' can be a synonym of 'model').
'with' is a charade indicator (letters next to each other).
'the ultimate in' says to take the final letters.
The last letter of 'elegance' is 'e'.
'sit'+'e'='SITE'
'on' is the link.
(Other definitions for site that I've seen before include "Where something is located" , "Designated place" , "Spot, location" , "Web location; place" , "Area set aside for building" .)