Three reel regularly, at this place (4)
I believe the answer is:
here
'at this place' is the definition.
('here' can be a synonym of 'at this place')
'three reel regularly' is the wordplay.
'regularly' means one should take alternating letters (regularly take one letter, leave next etc.).
'three'+'reel'='threereel'
The alternate letters of 'threereel' are 'HERE'.
(Other definitions for here that I've seen before include "At this stage" , "Present - at this point" , "Hither" , "The present location" , "To hand" .)