Terrible place in the shade, perhaps (5)
I believe the answer is:
hades
'terrible place' is the definition.
'shade perhaps' is the wordplay.
'perhaps' indicates an anagram.
'shade' is an anagram of 'HADES'.
'in the' acts as a link.
(Other definitions for hades that I've seen before include "The underworld where the souls of the dead live" , "Mythological abode of the dead" , "Hell of Greek myth" , "gloomy place" , "Greek god of the underworld" .)