No. 1 Wood Street (5)
I believe the answer is:
first
'no 1' is the definition.
'wood street' is the wordplay.
'wood' becomes 'fir' (fir is a kind of wood).
'street' becomes 'st' (abbreviation).
'fir'+'st'='FIRST'
(Other definitions for first that I've seen before include "& 2 Early new year arrivals bringing good luck" , "Rifts of supreme sort" , "Preliminary" , "Top degree class" , "best" .)