Subdivision for x2 existing units

We have x2 2 bedroom units sharing a wall on approx. 548sqms of land and my partner was interested in possibly subdividing these in the future, as they are currently on the one title. I have looked online at the councils requirements and have found a fee to pay in applying, but I was wondering what else is there to consider? They have their own electricity, water meters already.

This is our very first investment so apologies if my question does not make much sense.

Cheers and thanks :)
 
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