Reprimand, as Conservative holds site for redevelopment (8)
I believe the answer is:
chastise
'reprimand' is the definition.
(I know this)
'conservative holds site for redevelopment' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'holds' becomes 'has' ('have' can be a synonym of 'hold').
'for redevelopment' indicates anagramming the letters (I've seen this in other clues).
'site' with letters rearranged gives 'tise'.
'c'+'has'+'tise'='CHASTISE'
'as' acts as a link.
(Other definitions for chastise that I've seen before include "Punished severely" , "Severely reprimand" , "discipline" , "lecture" , "Scold severely" .)