Parry's Milkbar at Caringbah will reopen at the end of September under a new owner.
Barbra Godfrey will become the fifth owner of the business, which has operated at the the entrance to the train station for 62 years.
A Parry's Facebook post describes Ms Godfrey as "an experienced senior executive manager".
"Barbra leads with the guiding principle that 'the customer is at the heart of everything we do' and promises to keep the iconic brand alive and continue to serve great quality products whilst delighting the customer experience", the post said.
The first Parrys Milkbar was opened at Kogarah in the 1940s by Zacharias Vretos Panaretos and his wife Theodora.
Mr Panaretos used the name Jim Parry for business, hence the name Parrys being adopted.
The Parry family opened more milk bars.
Zacharias opened Parrys next to the train station at Caringbah in 1958, and his brother Peter took over the shop at Kogarah.
Their other brother Theo opened a milk bar in King Sreet, Rockdale, and there was also a Parrys in Forest Road, Hurstville.
Parry's Caringbah is the only one that has survived
Jim Parry sold the Caringbah milk bar in 1969 to Greek brothers Peter and Bill Cassimatis, who ran the business for 36 years before retiring in 2005.
They proudly claimed it was Sydney's last, traditional Greek milk bar.
The business was taken over by Tim Downs and Doug Battye, who sold it in 2017 to Paul Willats, who gave the store a major refurbishment, enhancing the retro appearance.
The milkbar closed in April after the coronavirus pandemic hit and has not yet reopened.
Mr Willats advertised the business for sale in August, with an asking price of $70,000.
Earlier - August 20, 2020
The Parry's Milkbar business at Caringbah is up for sale, with an asking price of $70,000.
The shop, which has stood at the entrance to the station for 62 years, shut its doors because of coronavirus in April and has not reopened.
Owner Paul Willats was seeking substantial rent relief from Sydney Trains, which is the agent for rail properties landlord, Transport Asset Holding Entity.
A sales ad describes Parry's as "the most iconic and well-known store in Sutherland Shire".
"The shop has been very profitable for many years and is in the best location in Caringbah," the ad says.
"The shop was fully refurbished three years ago and has all new equipment.
"Shop has been closed since the coronavirus started but will easily get back to what it was now people are going back to work and kids are going back to school.
"New lease will be given to new owner.
"You are only paying for the equipment in the store.
"All staff are ready to go back to work and ready to reopen with a new owner."
Former Parry's manager Shirley Dean said Sydney Trains "did not come through" and Mr Willats had decided to sell the business and focus on a new online business he had started, which was proving very successful.
"We have three or four people who are interested, but no one is going to buy it until the rental agreement is worked out," she said.
"The $2000 a week rent we have been paying is just not affordable."