We are looking at this setup as my application team request a shared disk to be presented to both VMs with read-write access.
I'm afraid that's not how Windows NTFS works. NTFS is NOT a clustered file system and as such does not support simultaneous write access from multiple hosts to the same block storage device.
Microsoft developed an extension called Cluster Shared Volumes (CSV) to allow multiple hosts having write access to the same block storage device mainly for Hyper-V, but I'm not sure if it's supported outside of classic clustering, see: