In my opinion there is not much use for splitting a project for just that reason.
Everything you do after splitting the project into 2, you could also do with a single project and splitting the views and controllers into 2 folders (view/buyers/*, Controllers/Sellers/ItemController.php)
And about the pro's you named:
Since they still use the same DB, by doing a migration in 1 project, you could very well kill parts of the other project (untill its code is updated to reflect the new DB structure).
And code being more safe because noone has all projects code...... except for all the developers right? Or the person that gets into your repo, or the server..... So actually, it's just as safe as the single project.
Unless you really need your frontend to run from another server, I see no reason to split up a project into multiple.