The act of masturbation, most usually by the male.
Originating from a 1980s television and radio advertisement from the British 'furniture superstore' of the same name, promoting a seemingly interminable sale with the tagline: "Massive Clearout!". Hence - Queensway.
"The smeg is rising, so I'm off for a Queensway."
Anus, rectum, asshole.
He: Not all gay guys actually like it up the queensway, you know.
Friend: The what?
He: The asshole.
Friend: God, and I though queensway was just a street in London, England!