Area on popular side of Grafton Street to rent with endless spaces awaiting new arrivals (7-6)

'area on popular side of grafton' is the definition.
I don't know anything about this answer so I cannot tell whether it can be defined by this definition.

'street to rent with endless spaces awaiting new arrivals' is the wordplay.
I cannot quite understand how this works, but
'street' could be 'st' (abbreviation) and 'st' is located in the answer.
'rent' could be 'rip' (rent can mean a tear in something) and 'rip' is found in the answer.
'with' could be 'and' and 'and' is found in the answer.
'new' could be 'n' (common abbreviation eg NT for New Testament) and 'n' is found in the answer.
The remaining letters 'ligs' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...

Can you help me to learn more?