Place To Put Down, Location To Put Something, Location To Put Down
Noun
おきば
洗面台の下にタオル置き場があるから、シャワーの後勝手に取って使ってね。
We have a place for the towels under the sink, so help yourself after your shower.
置く is to put down something. So a location where you put something down is a place to put something.
The reading is the readings of 置く and 場 put together.