Shropshire town with an old part renewed (6)

I believe the answer is:

ludlow

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'shropshire town' is the definition.
(I've seen this before)

I cannot understand how the remainder of the clue works.

(Other definitions for ludlow that I've seen before include "Shropshire resting-place of A. E. Housman" , "place" , "Shropshire market town" .)

I've seen this clue in the Evening Standard.

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