Ground lease capitalization vs. Comparative Sales / etc. - Land

[Michael Frost]

Hello all-

Generally speaking, (for vacant land) will the appropriate capitalization of the net ground lease payments always be greater than a typical/comparative fee simple transaction?

We have a scenario in my town  (I happen to be a council member), where we are evaluating an entitlement change for a vacant piece of land with a signed ground lease.  It is important for me to understand the value value being created by our potential up-zone.

Considering we have a copy of the ground lease, triple net with per unit payments, I thought the analysis to be pretty straightforward.  Choose a cap rate and present value pretty easy (I thought).  Subsequently, we have had appraisers provide market based appraisals.  

The differences in value between the two is so vast I couldn't believe it.  Not cap rates, not differences in timing.  etc. 

Can someone provide some guidance on if this?  Perhaps just a different return required on land acquisition between "lessee" and "lessor"?  

thanks