One from a small place in Leicester then relocated (15)

I believe the answer is:

liechtensteiner

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'one from a small' is the definition.
Although both the answer and definition are adjectives, I cannot understand how one could define the other.

'in leicester then relocated' is the wordplay.
'relocated' indicates an anagram (letters get relocated).
'in'+'leicester'+'then'='inleicesterthen'
'inleicesterthen' anagrammed gives 'LIECHTENSTEINER'.

'place' is the link.

Can you help me to learn more?

I've seen this clue in The Times.

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