Police are investigating an aggravated armed robbery that occurred in the early hours of this morning near 235 Charles St, Launceston.

Two men, one in possession of a knife, demanded a 29-year-old man hand over a pushbike, wallet and phone.  The male victim was not injured during the incident, which happened between 2.40am and 3.20am.

Both offenders were sighted riding pushbikes and pushing a third bike towards the CBD on Charles Street.

Anyone who may have witnessed the incident or may have any information is urged to contact the Launceston Criminal Investigation Branch on 6777 3911 or Crime Stoppers on 1800 333 000.