University developed extremely wisely by the arts (11)

I believe the answer is:

aberystwyth

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'university' is the definition.
Both the answer and definition are singular nouns.
Maybe there's a link between them I don't understand?

'developed extremely wisely by the arts' is the wordplay.
'developed' indicates an anagram.
'extremely' means to remove the middle letters.
'wisely' with its centre removed is 'wy'.
'wy'+'by'+'the'+'arts'='wybythearts'
'wybythearts' anagrammed gives 'ABERYSTWYTH'.

Can you help me to learn more?

(Other definitions for aberystwyth that I've seen before include "Welsh town" , "Resort of W. Wales" , "Town on Cardigan Bay" , "Welsh resort" , "Welsh centre" .)

I've seen this clue in The Times.

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