Image was inserted into the table using simple UPDATE statement of actual VARBINARY value which I got from another table.
Not sure how the image was inserted into that table to begin with.
There is a free software called SSMSBoost which is an extension for SSMS.
This allows to view the image right from SSMS.
Another way to view the image is to export it from table to file system using bcp command.
Below link explains how to do that: