Part owned in newish area (5)

I believe the answer is:

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'part owned in newish area' is the definition.
'share' can be an answer for 'part' (I've seen this in another clue). I'm not certain of the 'owned in newish area' bit.

'in newish area' is the wordplay.
'in' indicates a hidden word.
'SHARE' is hidden in the letters of 'newish area'.

Can you help me to learn more?

(Other definitions for share that I've seen before include "Divide out, apportion" , "do splits" , "Give portion to others" , "Helping" , "Cut" .)

I've seen this clue in The Sun.

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