Location of spectacle, say (4)
I believe the answer is:
site
'location' is the definition.
(site is a kind of location)
'spectacle say' is the wordplay.
'spectacle' becomes 'sight' (spectacle can mean a sight or display).
'say' shows a homophone (sound like).
'sight' sounds like 'SITE'.
'of' is the link.
(Other definitions for site that I've seen before include "Web location; place" , "Where something is located" , "station" , "Location; locate" , "setting" .)