One's own little place, possibly in part of Chelsea (5)

I believe the answer is:

niche

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'place possibly in part of chelsea' is the definition.
'niche' can be an answer for 'place' (thesaurus). I'm not certain of the 'possibly in part of chelsea' bit.

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for niche that I've seen before include "good spot!" , "Speciality" , "Particularly well suited position" , "Specialized market" , "ideal position" .)

I've seen this clue in the Evening Standard.

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