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Supporting a multigenerational developer built for Brisbane's future
For 35 years, Bellevue QLD has been delivering boutique residential and mixed-use projects across Brisbane. They are a family enterprise, built across two generations, with the kind of institutional knowledge that only comes from decades of experience.
But running a successful development business in Brisbane means navigating a regulatory environment that is constantly changing. Development approvals, planning legislation, tax structures, labour pressures: the landscape changes quickly, and keeping pace while managing an active project pipeline is no small task.
For the Zullo family, having advisers who could anticipate those changes and act on them before they became problems proved to be as valuable as any single piece of advice they received.
Why Bellevue chose RSM
Bellevue initially came to RSM for accounting services. The relationship with advisers Nick Farr and Joel Ashworth developed quickly, and as Bellevue's needs grew more complex, so did the scope of RSM's involvement.
What stood out early was RSM's familiarity with the pressures specific to construction and development: shifting planning approvals, evolving compliance obligations, and the structural decisions that determine whether a growing business is set up to take on more work or constrained by its own foundations. Nick and Joel could engage with those issues at a practical level, and critically, they didn't wait to be asked.
"It was definitely RSM bringing things to our attention. You can't expect what you don't know." Michael Zullo, Director, Bellevue QLD
Michael describes the regulatory environment Bellevue operates in as a constantly evolving battle. Development approvals change every six months. Tax law shifts. Compliance obligations across construction are layered and demanding. RSM's role, as Michael sees it, is to make sure the business stays across all of it, structured correctly, compliant, and financially optimised, so the family can focus on delivering projects.
"We came here originally for accounting advice. And then by the end of it, there's just so many areas that they could assist in, in terms of financial advice, in terms of legal advice, merger and acquisition advice."
What the family also valued was access. The ability to call, reach someone who knew their business, and get a considered answer the same day.
"I speak to Joel multiple times a week. It can be something high level and strategy oriented, or something minor I need to clarify. We know who is looking at our business, we know who's in control of it, and we know we can talk to them whenever we need. That's really valuable for us." Michael Zullo, Director, Bellevue QLD
"We have absolutely no doubt that we're getting the best advice at RSM. The ability to pick up the phone and get a researched, accurate answer on the day gives us full trust that we're in the right place." Michael Zullo, Director, Bellevue QLD
Navigating a complex exit from the childcare sector.
RSM's integrated approach was put to the test when Bellevue decided to exit a childcare business the family had operated for over 25 years.
The childcare sector had undergone significant change over that period. Large operators with dedicated compliance teams had come to dominate, and the regulatory burden on smaller operators had grown to a point where continuing was no longer commercially viable. Recognising that shift and understanding its implications for the family's broader financial position was itself a product of the proactive, sector-aware advice RSM had been providing.
"RSM were really helpful in identifying those challenges… Without their help, we would have found it much more difficult."
Once the decision was made, RSM coordinated the full scope of support the transaction required. Nick and Joel quickly identified the need for commercial legal assistance, referring in a lawyer to oversee contract negotiation. They also brought in a specialist from RSM's Corporate Finance team to manage the due diligence process, an area the family had not anticipated would be as demanding as it was.
"Every referral from Nick and Joel was top tier and added real value." Michael Zullo, Director, Bellevue QLD
"When it came to actually navigating the due diligence process, that was something that was new to us," Michael says.
The documentation load was significant, but the more important challenge was ensuring everything was packaged in a way that reflected the full value of what was being sold.
"I think we underestimated the quantity of information, the just mountain of documentation that was required, but also that it was packaged correctly to extract the most out of the deal for us. It wasn't a straight numbers sale. There was a bit of nuance in it for a wide array of reasons."
“RSM really helped us clarify the picture and the numbers in a really clear and logical manner so that the sale could progress quite quickly.” Michael Zullo, Director, Bellevue QLD
That same capability is something the family now draws on across their development business. When the regulatory environment shifts, a new finance structure is needed, or a project throws up something unfamiliar, the relationship with RSM means they're not navigating it alone.
Looking ahead to Brisbane 2032
With a five-year pipeline already in place and Brisbane's 2032 Olympics on the horizon, Bellevue is focused on what comes next.
The Olympics will bring sustained demand for construction across South East Queensland, but it will also pull significant labour toward major public infrastructure projects, tightening an already stretched market. For a boutique developer-builder operating in Brisbane, staying ahead of those pressures means planning now: on construction methodology, cost management, and making sure the business is structured to scale.
"We know that these large infrastructure projects are going to come very soon and it's going to suck a lot of labour out of the construction industry. We have a fairly challenging period to navigate. We know it's coming, and I think we are just preparing for it." Michael sees it as an opportunity as much as a challenge.
"We think it's also going to be an amazing time to be doing business in Brisbane. There's going to be so much excitement, so much energy around the city that we feel we are in the perfect spot to slingshot our business into the future off the back of it as Brisbane becomes a world city."
RSM continues to work alongside the business as that next phase takes shape; advising on finance requirements, tax strategy, and business structuring, and making sure the operational foundations can keep pace with growth.
"You can't be an expert in everything. We focus on what we're good at and bring in the best people for what we're not. RSM have nailed everything since we've been here, and the effects of good advice have flowed through our entire business." Michael Zullo, Director, Bellevue QLD
To find out how RSM's construction and real estate team can support your development business, contact us today.
