Best local beyond compare, ultimately (5)
I believe the answer is:
elite
'best' is the definition.
(elite can mean the very best of a group)
'local beyond compare ultimately' is the wordplay.
'local' becomes 'lite' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'beyond' is a charade indicator (letters next to each other).
'ultimately' says to take the final letters.
The last letter of 'compare' is 'e'.
'lite' after 'e' is 'ELITE'.
Can you help me to learn more?
(Other definitions for elite that I've seen before include "Select part" , "Upper crust" , "Letter size; superior group" , "Aristocracy" , "Selected as the best" .)