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However, the home page of the site is PR5. Does this mean Google are weighting pages by PR and whole sites by PR? How else could it be at the first page - its not anchor text to that page (no links), its not the pages optimisation (it has none)?
There are also most likely internal links with anchor text that just can't be seen yet. In moar cases 114K isn't all that competitive; without a page title it does sound like it's anchor text from within the site itself.