There’s unwrapped present (4)
I believe the answer is:
here
'present' is the definition.
(both can mean in attendance)
'there's unwrapped' is the wordplay.
'unwrapped' means to look at the middle letters (the letters which wrap the word are removed).
The centre of 'theres' is 'HERE'.
(Other definitions for here that I've seen before include "final clue?" , "At this stage" , "In this place - present" , "To hand" , "In attendance" .)