Rate the new building (7)
I believe the answer is:
theatre
'building' is the definition.
(theatre is a kind of building)
'rate the new' is the wordplay.
'new' is an anagram indicator.
'rate'+'the'='ratethe'
'ratethe' with letters rearranged gives 'THEATRE'.
(Other definitions for theatre that I've seen before include "place of action" , "Place for actors" , "Play venue" , "Hospital operating room - playhouse" , "Building for dramas" .)