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A police spokeswoman said the incident started after an erratic driver was seen on George St about 10am.
Police attempted to pull the vehicle over, but the person fled.
The car was abandoned about 12.02pm.
The spokeswoman said this afternoon one person, who was located on Castle Street, had been arrested, but they were still searching for a second person.
Police were seen standing next to a silver Mercedes Benz with two flat tyres, which had been abandoned on Cumberland St.