Another Sydney property looks set to deliver a capital windfall to its owners decades after it was last traded.

Last week it was revealed a terrace house in Camperdown is expected to attract more than $1.6 million at auction later this month after it was last sold in the 1950s for £1000 and now a shop in St Leonards looks like it will do something similar.

The property at 19 Chandos Street is 223 square metre block, currently occupied by a small shop that has been operating as John Clarke & Son jewellers.

The property last traded in 1940 when it was bought for £3000 by John Clarke, but selling agent Tim Grossman from CBRE told Domain he is expecting the property to go for millions when it goes to Auction on Wednesday.

"The offers are coming in around the $3 million mark in the campaign, but in the same breath it's not likely these groups are prepared to tell me what they will pay,” Grossman said.

A $3.5 million dollar offer was made for the property last year.

Zoned B4 mixed use, the property is attracting interest from builder and developers, with it expected to be redeveloped into a combined retail and residential complex.