Prince of Wales perhaps wasted last four of teenage years (3)

I believe the answer is:

pub

I'm a little stuck... Click here to teach me more about this clue!

'prince of wales' is the definition.
The definition and answer can be both man-made objects as well as being singular nouns.
Perhaps there's an association between them I don't understand?

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for pub that I've seen before include "Alehouse" , "free house?" , "Slug and Lettuce, perhaps" , "The humble local tavern" , "Tavern, hostelry" .)

I've seen this clue in The Independent.

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