Pace round the headland (4)
I believe the answer is:
cape
'the headland' is the definition.
(I've seen this before)
'pace round' is the wordplay.
'round' is an anagram indicator.
'pace' with letters rearranged gives 'CAPE'.
(Other definitions for cape that I've seen before include "An old cloak or a headland" , "Short sleeveless garment" , "Wrap" , "Horn or Good Hope - cloak" , "Cloak or headland (4)" .)