Not only Knutsford Road, you can also head out to Hart Road for their pubs and bars. I would absolutely recommend Vino Bar and Restaurant, not only are their food delicious, but you can also shisha and drink in a reasonable price ($150 for Shisha, and $40 for 1 pint beer).
But if you're feeling especially high class, you can go to Mira Hotel for their open bar and shisha lounge (4/F Vibes - $80 for cocktails and $200 for shisha).
Perhaps you might also want to swing by Wan Chai for their Wan Chai Wednesdays for their ladies night to treat your wife to free drinks and special offers for yourself. ($150 for 5 jaagar bomb)
Have a great stay in Hong Kong.
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