Two men will front court today following an armed robbery at Woolloomooloo.

About 4.20am (Wednesday 7 August 2013), a 23-year-old man and 19-year-old woman were walking on Forbes Street to William Street when they were approached by two men.

One of the men allegedly produced a screwdriver and forced the 23-year-old to withdraw cash from an ATM, before they ran north down Forbes Street.

Police arrived at the scene and established a perimeter. A search of the area, with the assistance of a police dog, was unable to locate the men.

Officers from Kings Cross Local Area Command commenced an investigation into the incident and executed a search warrant at a home in Forbes Street, Woolloomooloo yesterday (Thursday 8 August 2013).

A number of items were seized and two men, aged 41 and 20, were arrested.

They were taken to Kings Cross Police Station where each man was charged with armed robbery with an offensive weapon and detaining a person in company.

The pair was refused bail and will appear before Central Local Court today (Friday 9 August 2013).