Part of another expensive present (4)
I believe the answer is:
here
'present' is the definition.
('here' can be similar in meaning to 'present')
'part of another expensive' is the wordplay.
'part of' says the answer is hidden in the clue.
'HERE' is hidden within 'another expensive'.
(Other definitions for here that I've seen before include "In attendance" , "To hand" , "Present; I say!" , ""___ be dragons" (old map inscription?)" , "Hither" .)