I need to hyperlink a cell in one spreadsheet to a corresponding cell in another spreadsheet. So for example, C7 in sheet1 has a hyperlink that will bring you to C7 in sheet
Three years late, I would go a bit further and use ADDRESS(row,column) to build the cell address, rather than use CELL() which is a volatile function. If you're building a large spreadsheet and using a volatile function more than just a handful of times, you're going to notice the performance hit.
ADDRESS() is not volatile, so it doesn't trigger a recalculation all the time, and it's also more flexible to use.
=HYPERLINK("#'Sheet2'!"&ADDRESS(ROW(),COLUMN()),"click")
Replace ROW() and COLUMN() with whatever number you require.
For example, for a specific cell in Sheet2 use
=HYPERLINK("#'Sheet2'!"&ADDRESS(ROW(Sheet2!C7),COLUMN(Sheet2!C7)),"click")
If you want Sheet2, third column, and 1 row below (relatively), use
=HYPERLINK("#'Sheet2'!"&ADDRESS(ROW()+1,3),"click")