The victim, a boy, was approached by a man a kitchen knife in his back pocket at about 3.34pm on Friday (17/6).
The victim came across a group of men on New Street, near to the junction of Cambridge Place, before being asked to give them his bike.
The group of men then headed towards the alleyway to Buckingham Street.
The man with the knife, is described as aged 20-40, white, approximately 5ft 7ins tall and of average build. He was wearing a black short-sleeved top and grey denim shorts.
The victim’s bike is a turquoise Challenge Crusade 26-inch Rigid men’s bike.
Investigating officer, Detective Constable Mandy Cutler, based at Aylesbury police station said:
“I am appealing to anyone who may have witnessed the offence, or has footage from the area to please contact the force.
“The easiest way to provide us with information is on our website or by calling 101, quoting investigation reference 43220265646.
“Alternatively, you can provide information anonymously to the independent charity, Crimestoppers, by calling 0800 555 111 or via its website.”
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